In December 2021, Nike announced its arrival in the Web3 space with the purchase of crypto fashion brand RTFKT.
Three years later, however, the project is nearing its end, with RTFKT (pronounced “artifact”) announcing on X that it will be ceasing operations next month.
“Today, we’re announcing the plan to wind down RTFKT operations,” RTFKT said in its statement. “To honor and preserve this pioneering legacy, we will be launching an updated website that showcases the groundbreaking work that defined the RTFKT journey. While we expect our web3 services will be winding down by the end of January 2025, the spirit of innovation that RTFKT represents will live on through the countless creators and projects it has inspired.”
The company added: “RTFKT isn’t ending. It’s becoming what it was always meant to be — an Artifact of cultural revolution.”
— RTFKT (@RTFKT) December 2, 2024
While that may be the case, the announcement was still met with plenty of backlash among the web3 community questioning the circumstances surrounding the shutdown (many of those questions can best be summed up via NFT Culture’s article on the announcement). Essentially, many find themselves confused how what was seemingly one of the most successful entities in the Web3 space could find itself shutting down just four years after its inception and three years after being purchased be by an entity as established as Nike.
To that end, the Oregon-based footwear manufacturer never seemed to find its footing following its purchase of RTKFT, which came amid the web3/NFT/crypto boom of 2021. In the years since, Nike has released multiple RTKFT-branded shoes — some “real” and some in NFT form — none of which seemed to resonate the web3 ecosystem.
I won’t pretend to be well versed enough on the industry to opine on what this means for web3 at large — although I do have a Paul George Top Shot available for purchase if you’re interested — but RTKFT shutting down after such a relatively short period of time is certainly noteworthy. It will be worth monitoring whether any other shoes drop here, both with regard to Nike and the Web3 industry.
About Ben Axelrod
Ben Axelrod is a veteran of the sports media landscape, having most recently worked for NBC's Cleveland affiliate, WKYC. Prior to his time in Cleveland, he covered Ohio State football and the Big Ten for outlets including Cox Media Group, Bleacher Report, Scout and Rivals.