Nike-Owned RTFKT Is Shutting Down

RTFKT is a digital fashion and Web3 studio known for creating virtual sneakers, collectibles, and experiences that merge culture and gaming. Founded in 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev, RTFKT quickly became a leader in the digital fashion space, leveraging technologies like game engines, NFTs, blockchain authentication, and augmented reality to craft unique virtual products.

In December 2021, Nike acquired RTFKT to accelerate its digital transformation and expand its footprint in the metaverse. This acquisition aimed to serve athletes and creators at the intersection of sport, creativity, gaming, and culture.

However, as of December 2024, RTFKT announced plans to cease operations by January 2025. The founders described this decision as a “new chapter,” expressing pride in dissolving traditional boundaries between physical and digital creativity and establishing a revolutionary community. They plan to release a final product drop, “Mnlth X featuring the Blade,” and launch an updated website showcasing their journey.

This closure reflects broader challenges in the Web3 and NFT markets amid a downturn in crypto values. The future of RTFKT’s digital goods and their value remains uncertain for current holders