End of a Digital Era: RTFKT Announces Closure in 2025

RTFKT, renowned for its NFT sneakers and avatars and acquired by Nike in 2021, has announced it will cease operations by January 2025. This decision comes after a significant decline in NFT demand and other market challenges, despite an impressive $50 million in earnings and successful collections such as MNLTH and Clone X.

In a recent post on X, the company shared its plans to conclude its activities with the release of a final collection in December, named MNLTH X, which will include the BLADE DROP. This final collection is seen as a celebration of RTFKT’s innovative journey, blending physical and digital elements in a pioneering way.

Throughout its existence, RTFKT stood out as a leader in digital culture, integrating fashion, gaming, and Web3 technology with the sneaker lifestyle. Among its most notable achievements is the Clone X collaboration with famous artist Takashi Murakami and the development of digital footwear that transformed into physical products, along with promoting the talents of 3D artists and digital creators.

To preserve its legacy, RTFKT plans to launch a revamped website that will highlight its most impactful projects.

The company emerged in 2020 and quickly established itself in the market, with significant investments from figures like Andreessen Horowitz. Its acquisition by Nike in 2021 was seen as a crucial step for the sports equipment giant’s digital transformation. The partnerships between the companies resulted in innovative sneaker collections, including custom designs worn by NBA star LeBron James during the 2023 playoffs.

However, despite nearing $50 million in earnings, RTFKT faced challenges as interest in NFTs cooled. Data indicates that this year’s NFT sales were significantly lower than in previous years. The decrease in demand and the declining valuations of key collections like Clone X were decisive for the decision to close operations.