RTFKT, the blockchain-based sneaker brand owned by Nike, has announced they will wind down their web3 services “by the end of January 2025”.
In an announcement posted to X, RTFKT thank both their creators and collectors, and have pledged to launch an updated website that documents their journey, as well as one final MNLTH X drop to be held in December.
This has plunged the future of their NFT collections – including the popular Takashi Murakami collaboration CloneX – into doubt, which has spurned multiple influencers to post public offers to purchase ownership of these collections from Nike.
Why is Nike closing down RTFKT?
Global sports giant Nike is undergoing a period of change under new President and CEO Elliott Hill, who assumed his position in October 2024. It is speculated that the closure of RTFKT is part of changes to refocus the wider brand.
RTFKT is best-known for two particular products; their CloneX NFT collection – created through a collaboration with celebrated Japanese contemporary artists Takashi Murakami in November 2021 – and their line of hybrid sneakers; futuristic physical sneakers that were only available to purchasers of exclusive NFT collectibles.
Other than news that operations will wind down “by the end of January 2025”, details remain scant on what this means for the wider RTFKT brand. In the announcement, RTFKT have stated that further information will be released in due course via their official channels.
Who is offering to purchase RTFKT?
In the wake of RTFKT’s impending closure, numerous figures have stated their intentions to try and purchase management of the brand and its NFT collections from Nike.
Within 30 minutes of the announcement, noted web3 influencer @waleswoosh offered $200,000 USD to purchase the RTFKT brand and collections. This was quickly trumped by @JoeyMooose, a supposed figure in noted NFT turnaround Pudgy Penguins, who posted a somewhat quizzical $10 million USD offer.
Numerous other influencers have thrown their hat in the ring, and rumours have begun to swirl that other figures in the industry are preparing bids, including Alexandre Dreyfus, CEO of sports-based blockchain Chiliz.
As of the time of writing, neither Nike nor RTFKT have issued a public response to these incoming offers.
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