RTFKT, the web3-focused company acquired by Nike in December 2021, has revealed plans to \u201cwind down\u201d its operations by the end of January 2025.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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\u2019s valuation was believed to be closer to US$33 million. <\/p>\n\n\n\n
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<\/a>. His predecessor, John Donahoe, had a tech-driven focus, pushing initiatives like Nike\u2019s direct-to-consumer strategy and its proprietary web3 platform, .SWOOSH.<\/p>\n\n\n\n