As an analyst with over two decades of experience in the tech and digital art industries, I must admit that RTFKT’s journey is a fascinating study of innovation, success, and the ever-changing landscape of the digital world.
As an analyst, I’m sharing that the team behind RTFKT, who are known for creating non-fungible tokens (NFTs) such as digital sneakers and avatars, which were acquired by Nike in 2021, has recently made an announcement about their closure.
The firm revealed in a December 2 post on X that it will wind down operations by January 2025.
Final Collection and Legacy Tribute
Today’s announcement reveals our intention to close RTFKT’s operations. Reflecting on the past, we are immensely proud of all that we have accomplished as a team.
Additionally, RTFKT Studios announced that they would be releasing their last collection, dubbed MNLTH X, in December. This collection will include the BLADE DROP item before their company shutdown. They referred to this action as a demonstration of their commitment to innovation and bridging the gap between the physical and digital worlds.
Pondering over its successes, the company emphasized its leading position in the digital era, paving the way for the fusion of sneaker culture, video games, digital apparel, and Web3 technologies.
This statement also emphasized its significant achievements, such as teaming up with famed artist Takashi Murakami on the Clone X project, pioneering digital footwear that transitioned into tangible goods, and fostering a community for 3D artists and digital innovators.
In order to uphold its historical significance, the company revealed intentions to debut a revamped website, highlighting its most influential projects.
RTFKT’s Rise and Fall
Established in 2020, RTFKT rapidly gained recognition and managed to secure at least $8 million in funding from investors such as Andreessen Horowitz. In December 2021, Nike acquired it, with former CEO John Donahoe stating that this acquisition was crucial for expediting Nike’s digital transformation process.
In collaboration, the two businesses worked together on multiple sneaker lines, some of which included unique designs that LeBron James, a renowned NBA player, wore in the 2023 playoffs.
Based on DefiLlama’s findings, the total income of RTFKT has almost hit the $50 million mark, with an impressive $45 million coming from royalties. This places RTFKT ninth among all NFT projects in terms of earnings. The MNLTH and CloneX Mintvial drops are their most lucrative collections, generating approximately $16.4 million and $13.9 million in royalties respectively.
Despite a broad market slowdown, difficulties cropped up. Data from CryptoSlam indicates that NFT sales for the year have reached $9.9 billion, which is much lower than the $15.7 billion and $23.7 billion recorded in 2021 and 2022 respectively.
In June, a report from Reuters disclosed that Nike predicted a decrease in financial income for its Non-Fungible Token (NFT) sector, attributing this to reduced demand. It’s worth mentioning that Clone X, RTFKT’s prominent collection of profile picture profiles, also experienced substantial decreases in value. These factors combined led to the closure announcement made on Monday.
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2024-12-04 01:52