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

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.

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