Nike is making headlines again, but this time it’s not about their latest Nike Air Force sneakers or a groundbreaking new Nike sneaker release. Instead, the sportswear giant has announced it will wind down operations for its Ethereum-based NFT company, RTFKT, acquired in 2021.
“Today we’re announcing the plan to wind down RTFKT operations,” the company shared on X (formerly Twitter). The announcement comes with a mix of nostalgia and pride for the achievements made since RTFKT burst onto the digital fashion scene.
RTFKT (pronounced “artifact”) made waves in 2021 when it began selling special edition Nike sneakers and digital collectibles. Its $10,000 sneakers on Nifty Gateway were just the start of what became a sprawling ecosystem of Ethereum NFTs, physical collectibles, and collaborations with artists like Takashi Murakami.
Nike saw potential in this innovative blend of Nike fashion sneakers and tech, acquiring the company to accelerate its digital transformation. Former Nike CEO John Donahoe described the move as a step to bridge “sport, creativity, gaming, and culture.”
Clone X, once a premium collection with an all-time high floor price exceeding $63,000, now struggles with prices below $1,000. Even increased trading volume following the shutdown news hasn’t been enough to revive the momentum.
Now, the closure is official, and Nike is shifting its focus to its virtual creations platform, .Swoosh, launched on Polygon in November 2022. Although .Swoosh will continue to serve as Nike’s Web3 presence, recent announcements confirm no new NFT collections are planned for the foreseeable future.
While the digital sneaker dream may be winding down, Nike isn’t stepping away from innovation. The company continues to dominate the market with Nike shoes for men, exclusive Nike special edition drops, and seamless shopping experiences via the Nike sneakers app.
If you’re not ready to dive into the world of NFTs, you can still explore Nike’s cutting-edge designs, including cheap Nike sneakers and limited-edition styles on the Nike official website. Whether you're looking to buy Nike sneakers for everyday use or score some rare finds for your collection, the brand remains a global leader in footwear and apparel.
For those interested in preloved kicks, there’s also a growing market for used sneakers, offering a more sustainable way to enjoy iconic designs.
Nike’s journey with RTFKT might be over, but its impact on the intersection of fashion and technology leaves behind a legacy. As the brand continues to innovate in both physical and digital spaces, sneakerheads have plenty to look forward to.
Ready to shop the latest styles? Check out the Nike official website to shop Nike shoes that keep you ahead of the game.
By clicking "Accept", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in improving your experience.
