RTFKT, the digital sneaker pioneers and non-fungible token (NFT) creators bought by Nike in 2021, have revealed plans to stop operations by January 2025.
In a put up shared on X on December 2, the corporate introduced it’ll protect its legacy with a revamped web site that highlights its revolutionary journey within the NFT house.
“To honor and protect this pioneering legacy, we might be launching an up to date web site that showcases the groundbreaking work that outlined the RTFKT journey,” the corporate shared in its message.
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Earlier than closing down, RTFKT will launch one last assortment titled “BLADE DROP”, reflecting its dedication to pushing artistic boundaries and bridging digital and bodily worlds.
The corporate clarified that its operations wouldn’t vanish solely:
RTFKT isn’t ending. It’s changing into what it was all the time meant to be — an Artifact of cultural revolution.
Based in 2020, RTFKT rapidly made a reputation for itself, elevating funding, together with over $8 million from buyers like Andreessen Horowitz. The corporate’s work caught the eye of Nike, resulting in the sportswear big’s acquisition of RTFKT in December 2021.
Nike’s strategic acquisition of RTFKT aimed to strengthen its existence within the metaverse, positioning itself on the crossroads of gaming, creativity, tradition, and sports activities.
Nevertheless, Nike predicted a decline in income for the upcoming fiscal yr in June, citing decrease demand for its sneakers. This income drop has raised questions on the way forward for its numerous initiatives, together with its NFT initiatives.
As RTFKT bids farewell to its journey within the NFT house, the world of digital artwork continues to evolve with new and thrilling transformations. Just lately, famend designer Susan Kare remodeled iconic ESC keys into pixel artwork masterpieces for Asprey Studio. How did she convey this distinctive idea to life? Learn the total story.
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