Nike to Close RTFKT Amid NFT Market Decline

RTFKT, a digital collectible platform acquired by Nike in 2021, has announced it will cease operations by January 2025. The decision comes amidst declining interest in NFTs and a strategic shift under Nike's new CEO, Elliot Hill, towards a more traditional focus on athletes and sports. RTFKT gained prominence with projects like Clone X with Takashi Murakami and innovations that merged digital and physical products, earning nearly $50 million in total. Despite its successes, the broader market downturn in NFTs likely influenced the closure decision. Nike's future digital efforts remain uncertain, though it continues to collaborate with platforms like Fortnite. The final release under RTFKT will be the MNLTH X collection featuring the BLADE DROP, signaling the company's commitment to innovation until the end.