RTFKT, the Web3 studio that Nike acquired in 2021, has done just that announced it will cease operations in January 2025. Known for innovative projects like Clone X, the announcement has caused confusion and raised questions about what comes next for the studio’s community.
An unexpected ending
Since its founding in 2020, RTFKT has been at the forefront of Web3 innovation and NFT sneakers. From the high-profile Clone
Nike’s acquisition of the studio was seen as a major step to embrace the metaverse and digital collectibles, cementing RTFKT’s position as a pioneer in the industry.
However, RTFKT’s closure announcement leaves a cloud of uncertainty and disappointment, even as the company reflects on the impact it has had. “The revolution we started lives on through every creator we have inspired,” the studio said in the announcement.
While this acknowledges their role in shaping the Web3 space, it is somewhat at odds with the reality that many of these creators are now expressing frustration at the abrupt nature of the shutdown.
A finished product
Adding to the surprise is RTFKT’s decision to release one final product in December, the MNLTH X with the Blade Drop. The timing of this release – just weeks before the studio closes – has raised a few eyebrows.
While it’s being framed as a “proof of our commitment to pushing boundaries,” some are questioning why they would release a new product so close to the end, which runs counter to the studio’s previous focus on long-term innovation term.
Final thoughts
RTFKT has pledged to preserve his legacy by creating an archive website to showcase his projects. They will also continue to update existing collections and services through their official channels, including Discord. But what happens to royalties and intellectual property from existing projects? This remains to be seen.
RTFKT’s announcement to close in January 2025 leaves many questions, as the studio did not explicitly state the reasons behind the closure. The statement takes pride in its achievements but provides little explanation as to why a company backed by Nike and, despite setbackswas largely considered a leader in Web3, would so suddenly step away.
However, speculation continues as to a more general reasoning: whether this actually reflects broad strategic changes within Nike internally, or whether it is indeed more about their plan to move away from the NFT space.
