RTFKT, the Web3 studio acquired by Nike in 2021, has made the surprising announcement that it will be shutting down its operations by January 2025. This news has left many in the community confused and questioning what the future holds for the innovative studio and its projects.
Founded in 2020, RTFKT quickly established itself as a leader in Web3 innovation and NFT sneakers. Collaborations with renowned artists like Takashi Murakami and groundbreaking projects such as the Cryptokicks iRL sneakers with advanced features like auto-lacing and app connectivity solidified RTFKT’s reputation in the industry.
Nike’s acquisition of RTFKT was seen as a significant step towards embracing the metaverse and digital collectibles, highlighting the studio’s pioneering role in the Web3 space. However, the announcement of the shutdown has cast a shadow of uncertainty and disappointment over the community, despite RTFKT acknowledging the impact it has had on inspiring creators.
One final product, the MNLTH X featuring the Blade Drop, is set to be released in December, just weeks before the studio is set to close its doors. This move has raised questions about the timing of the release and its alignment with RTFKT’s previous focus on long-term innovation.
While RTFKT has promised to preserve its legacy by creating an archival website to showcase its projects and will continue to update existing collections and services through official channels like Discord, the fate of royalties and intellectual property from existing projects remains unclear.
The reasons behind RTFKT’s decision to shut down by January 2025 have not been explicitly stated, leading to speculation within the community. Some believe it may reflect broader strategic changes within Nike or a shift away from the NFT space. Regardless of the reasons, the sudden nature of the announcement has left many wondering about the future of Web3 innovation and the impact of RTFKT’s closure on the industry.
In conclusion, RTFKT’s announcement of its impending shutdown has sent shockwaves through the Web3 community. As the studio prepares to bid farewell, the legacy it leaves behind and the unanswered questions about its closure will continue to linger in the minds of creators and enthusiasts alike.