Hold onto your digital hats, folks, because RTFKT, the trailblazing wizards behind those snazzy NFT sneakers and avatars, is calling it quits! Despite raking in a cool $50 million and dazzling us with collections like MNLTH and Clone X, the innovative company has decided to wind down, with a curtain call set for January 2025.
In a heartfelt announcement, RTFKT shared, “Today, we’re announcing the plan to wind down RTFKT operations. Looking back, we’re incredibly proud of everything we’ve achieved together.” And what a journey it’s been! From pioneering the fusion of sneaker culture and digital fashion to teaming up with Nike and collaborating with the legendary artist Takashi Murakami, RTFKT has been at the cutting edge of the digital revolution.
Before they bid us adieu, they're planning one last hurrah with the release of their final collection, MNLTH X, in December. It's their way of saying, “We're not done yet!” and showcasing their commitment to blending the physical and digital realms.
Founded in 2020, RTFKT soared to fame, catching the eye of investors like Andreessen Horowitz, and in December 2021, the sportswear giant Nike swooped in for the takeover. Together, they crafted unique sneaker designs, including some rocked by NBA legend LeBron James during the 2023 playoffs.
But as the NFT market cooled off, the once red-hot demand simmered down. Reports revealed a dip in fiscal revenue projections for Nike's NFT division, and even RTFKT's flagship Clone X collection took a hit in valuation. These challenges led to the bittersweet decision to close up shop.
In a bid to keep the spirit alive, RTFKT will launch an updated website to showcase its most impactful projects, ensuring their legacy lives on in the digital realm. So, while it’s goodbye for now, RTFKT’s contributions to digital culture will continue to inspire, reminding us of the magical ride through the world of NFT innovation.
