Nike Shuts Down Virtual Brand RTFKT, Focusing on Next Chapter of Digital Innovation
In a surprising move, Nike has announced the closure of its virtual sneaker and fashion brand, RTFKT. According to CEO Elliot Hill, this decision is part of Nike’s efforts to recalibrate and reassess its priorities as it enters a new phase of digital innovation.
RTFKT was acquired by Nike in 2021 as one of its pandemic-era investments in web3 and crypto. However, after four years of operation, the company has announced that it will be shutting down and launching a new website to showcase its digital works. This includes NFTs featuring designs by renowned artist Takashi Murakami and virtual versions of Nike Dunks.
The closure of RTFKT will take place by the end of January 2025, and will also mark the end of online quests for community members to access the brand’s products. This news comes just two months after Elliot Hill was named CEO of Nike, indicating a shift in the company’s direction.
When RTFKT was first launched, it was hailed as “the Supreme of the metaverse” by Nike’s CEO John Donahoe. The company was determined to be at the forefront of the digital world and even launched its own web3 platform, .SWOOSH. However, the decline in NFT values after the crypto boom and struggles to keep the community engaged have led to the decision to shut down RTFKT.
Below is the statement released by RTFKT regarding the closure:
“After much consideration, we have made the difficult decision to shut down RTFKT. We are incredibly grateful for the support of our community and the opportunities that this venture has brought us. We will be launching a new website to showcase our digital works and look forward to continuing to innovate in the digital space.”
