RTFKT, the web3-focused company acquired by Nike in December 2021, has revealed plans to “wind down” its operations by the end of January 2025.

Founded in 2019, RTFKT emerged as a key player during the early surge of interest in web3 and NFTs. Its collaborations with Nike led to the creation of digital and physical sneakers, such as the Cryptokicks iRL, Air Force 1, and Dunk Genesis projects. The duo recently unveiled the NEKO Camo Dunk, an ultra-limited edition gifted to 100 customers participating in the RTFKT x Nike Dunk Low Genesis launch.

When Nike purchased RTFKT, the deal was widely regarded as a major move into the web3 space. Early reports speculated the acquisition was valued at nearly US$1 billion, but later sources dismissed these claims. At the time, RTFKT’s valuation was believed to be closer to US$33 million.

However, the deal’s financial details have never been officially disclosed. This announcement coincides with a leadership change at Nike, with Elliot Hill now serving as CEO. His predecessor, John Donahoe, had a tech-driven focus, pushing initiatives like Nike’s direct-to-consumer strategy and its proprietary web3 platform, .SWOOSH.

While RTFKT’s services will cease by early 2025, the company plans to preserve its legacy through a revamped website that will serve as a digital archive of its projects. Additionally, it will deliver one final product drop this month: the MNLTH X.

The decision to close RTFKT signals a pivot in Nike’s web3 strategy, reflecting the priorities of its new leadership. Despite this shift, Nike isn’t stepping away from web3 entirely. The brand will continue its efforts through .SWOOSH, with plans for more sneaker drops and further collaborations, including the ongoing Fortnite KICKS cosmetics partnership.

Source: Sole Retriever

In other news, check out the RTFKT x Nike Dunk Genesis “Void” and “OG”. Alternatively, you can also head to the SNKRDUNK App via the banner below and browse the latest and greatest in sneakers, streetwear, and TCG.

Follow us on:

• Facebook
• Instagram
• TikTok
• Pinterest
• Twitter