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RTFKT, the NFT project that tried to popularize “digital shoes,” will close operations by the end of January 2025according to a statement issued this Monday. Despite the closure, the project’s Ethereum-based tokens will remain accessible.
“Today we announce the plan to close RTFKT operations,” the company stated in X. “To honor and preserve this pioneering legacy, we will launch an updated website that will showcase the innovative work that defined RTFKT’s journey.”
From meteoric rise to closure
Founded in 2020 during the rise of NFTs and the Metaverse, RTFKT quickly stood out as an innovative startup. His focus on collaborative drops with brands, such as Nike, and well-known artists such as Jeff Staple and Takashi Murakami, brought him recognition in a context where the Metaverse and digital assets were in the spotlight, driven in part by the global lockdown. due to the pandemic.
However, over the years, interest in digital plugins and the Metaverse has waned significantly, leaving projects like RTFKT struggling to remain relevant.
Nike’s bet and the impact of the market
In 2021, Nike acquired RTFKT as part of its strategy to expand in the Metaverse, although the exact amount of the transaction was never revealed. At that time, the project had already raised $9.42 million from investors such as Andreessen Horowitz and was valued at $33.3 million.
Despite Nike’s backing, the project failed to overcome market challenges. In June, Nike predicted a drop in its annual revenue, citing a decline in demand. By September, The Verge reported that Nike omitted the RTFKT logo from a key ad related to its line of iconic brands, such as the Swoosh and Jumpman, reflecting a shift in the company’s priorities.
The legacy of RTFKT
Despite its closure, RTFKT leaves a legacy of innovation in the NFT and Metaverse space. His pioneering work served as inspiration for many other initiatives, and his upcoming website will seek to keep that spirit alive, showcasing the projects that defined his journey.
Although the era of “digital shoes” and RTFKT-backed Metaverse assets comes to an end, its impact on the NFT industry and digital fashion will be remembered as a testament to the creativity and ambition in the Web3 space.
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