According to the NFT - RTFKT, a project acquired by sportswear giant Nike for an undisclosed sum, plans to release its final collection, BLADE DROP, and close by the end of January 2025.
We are announcing plans to wind down RTFKT. As a mark of respect for our team, we will be launching a revamped website showcasing the work that has defined the studio's path, RTFKT said.
Founded in 2020 amidst the excitement surrounding NFT and the metaverse, quickly gained a reputation as a successful startup. It released collections in partnership with brands like Nike and collaborated with sneaker designer Jeff Staple and Japanese artist Takashi Murakami.
The studio's founders Benoit Pagotto, Chris Le, and Stephen Vasilev raised more than $8 million from investors, including Andreessen Horowitz. In December 2021, the startup was acquired by Nike.
To date, RTFKT's total revenue is $49,82 million, of which over $45 million is in royalties.
While RTFKT's announcement did not provide a reason for the closure, the timing seems odd given the market NFT has recently shown signs of recovery, with non-fungible token sales reaching $2024 billion in November XNUMX. six-month high in the amount of $561,9 million.
