RTFKT, a Nike-owned non-fungible token (NFT) fashion studio, has announced it will wind down operations by the end of January 2025.
The news was shared through a post on X (Twitter), stating, “Today, we’re announcing the plan to wind down RTFKT operations.”
Despite the announcement, the company clarified, “RTFKT isn’t ending. It’s becoming what it was always meant to be an Artifact of cultural revolution.”
Nike acquired RTFKT in 2021 as part of its push into Web3 and its goal to innovate in sports fashion.
Since the acquisition, RTFKT has gained a strong following, with nearly 400,000 followers on X.
The studio became known for its digital drops, such as the “MNLTH” NFT, which revealed a pair of digital Nike Dunk sneakers. Many of these digital releases were paired with physical products and collaborations, including partnerships with luxury luggage brand RIMOWA and artist Takashi Murakami.
Before winding down, RTFKT will release one final drop this month: the MNLTH X, featuring the BLADE DROP. The studio described it as “a testament to our commitment to pushing boundaries and merging worlds.”
Afterward, RTFKT’s website will be updated to showcase “the groundbreaking work that defined the RTFKT journey.” Updates on collections, services, and other details will be provided through the company’s Discord and official channels.
The reasons behind the decision were not disclosed, but it comes amid broader challenges in the NFT market. Legal uncertainties and market downturns have affected many companies in the space.
RTFKT’s decision follows a similar announcement by Kraken, which plans to close its NFT marketplace by February 2025. Other companies, including Immutable, Lacoste, Reddit, Starbucks, and GameStop, have also scaled back or exited the NFT market in recent months.
