Nike is set to shut down RTFKT, the Web3-focused sneaker brand it acquired in 2021, with plans to wind down operations by January 2025. The brand will transition to an archived website to showcase its previous creations.
Founded in 2020, RTFKT specialized in digital sneakers and collectibles as non-fungible tokens (NFTs), aimed at avatars and applications in the metaverse. Nike acquired the brand a year later, seeking to expand its presence in the digital space. RTFKT collaborated with Nike on several shoe collections, including limited-edition sneakers worn by basketball star LeBron James, available exclusively via NFTs.
However, under new CEO Elliott Hill, Nike appears to be shifting focus away from its digital ventures. With an emphasis on wholesale and new product development, Nike aims to reposition itself for future growth. Despite this, Nike's own metaverse platform, Swoosh, launched in 2022, will continue.
The closure of RTFKT reflects the broader decline in the NFT market, with other sports-related NFT initiatives, such as DraftKings’ Reignmakers fantasy game and marketplace, also struggling this year.
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