RTFKT, the web3 company that Nike acquired in December 2021, has announced that it will “wind down” operations by the end of January 2025.
The company was founded in 2019, getting in on the ground floor of the web3 and NFT boom of the early 2020s. Its work with Nike included multiple real-life and NFT sneakers, from the Cryptokicks iRL silhouette to the Air Force 1 and Dunk Genesis projects. Its latest project with The Swoosh was on an ultra-limited NEKO Camo Dunk gifted to 100 customers from the RTFKT x Nike Dunk Low Genesis release.
Nike’s acquisition of the web3 company, viewed by many as one of the space’s premier projects, was rumored to be worth nearly $1 billion, but sources have since come forward and refuted these claims. At the time of the acquisition, the company was rumored to be worth around $33 million, but still, to this day, the terms of the Nike deal have not been disclosed.
RTFKT’s announcement also comes just after Nike’s new CEO, Elliot Hill, has taken the reins of the multi-billion dollar sportswear giant. The previous CEO, John Donahoe, came from a tech background and prioritized partnerships and the advancement of Nike’s digital footprint, as he undersaw the big direct-to-consumer push and the creation of Nike’s in-house web3 project, .SWOOSH.
Although operations of the brand’s web3 services are “winding down by the end of January 2025,” RTFKT has also stated that an updated website will act as a digital archive of the projects released over the years and that one final drop will take place this month: the MLNTH X.
The closure of RTFKT marks a significant turning point for Nike’s foray into web3 and NFTs. While the company’s ambitious projects showcased the potential for innovation in the digital and physical realms, the decision to wind down operations signals a shift in strategy under Nike’s new leadership. We’ll continue to see Nike dip its toes in the web3 space through .SWOOSH, as there are plans for more sneaker releases and the extension of its Fortnite partnership with the in-game KICKS cosmetics.
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Sneakerhead from South Florida who turned his passion into a career. Concerts, music, trying new restaurants, and catching the latest movies are some of the things I enjoy when not writing for Sole Retriever. Email: nick@soleretriever.com
