Nike Exits The NFT Market – Shuts Down Its NFT Studio RTFKT

Updated: 03 December 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Nike, an American athletic footwear and apparel company renowned in the non-fungible token for its sneaker collectibles, has announced plans to exit the non-fungible token market in January 2025. Nike appears to be following the footprints of the crypto exchange Kraken, which also announced plans to wind down its non-fungible token marketplace. Kraken and Nike’s exit plans show that the NFT market has matured and is now scaling down weak brands and projects.

Nike Shuts Down Its NFT Studio RTFKT

In a December 02 press release, Nike confirmed plans to shut down its digital asset incubation studio RTFKT in January 2025. The athletic footwear and apparel company acquired its digital asset studio RTFKT in December 2021. Nike’s exit appears a time, when the non-fungible token market is retesting a strong bull run, which has pushed some floor prices back above 30 ETH.

pic.twitter.com/ySShPa0I7r

— RTFKT (@RTFKT) December 2, 2024

RTFKT is a digital asset incubation studio that uniquely positions itself at the intersection of fashion, technology, and gaming. The athletic footwear and apparel company Nike acquired RTFKT NFT studio, which aims to bridge the gap between physical and digital fashion. Rather than producing physical products, RTFKT creates digital fashion items primarily intended for video games and virtual environments.

For the past three years in operations, RTFKT has launched several non-fungible token series, including Clone X, a non-fungible token collection featuring a limited edition of 20,000 NFTs hosted on the Ethereum blockchain network. RTFKT joined hands with digital artist Takashi Murakami to launch Clone X. Nike is also the team behind the Nike Air Force 1 and Animus NFT collections.

Nike To Exit The NFT Market Honorably

The once-pronounced next-gen sneakers studio is shutting down its operations this coming January after failing to cope with the volatile non-fungible token market. To exit the NFT market in an honorable way, the athletic footwear and apparel company Nike is launching a new NFT collection, BLADE x MNLTH. The new Blade NFT collection will serve as a testament to its commitment to boundaries and emerging worlds.