Nike is closing Rtfkt, its metaverse fashion brand that sells NFTs and digital sneakers. Through X (previously Twitter), Rtfkt announced that Blade Drop, their final collection, would be released in January 2025.
A celebration of Rtfkt’s role in bridging the gap between culture and technology is the Blade Drop collection. As stated by the corporation, the shutdown signifies a shift to a new function as “A symbol of a cultural revolution” rather than an end. To honour Rtfkt’s heritage, a website will be established; however, it is unknown what features it will offer or how it will assist current NFT holders.
Nike’s successful NFT collections, such as CloneX and MNLTH, were launched in large part by Rtfkt. Together, these collections have brought in over 30 million dollars (around 28 million euros) in royalties. However, since 2022, interest in digital assets has decreased, according to IT journalists. Conversely, the hiring of Elliott Hill as Nike’s new CEO marks a shift in the company’s priorities, with a greater emphasis on tangible product advancements and fortifying ties with wholesale partners.
