Source: Cointelegraph Original: "{title}"
The creator of the immutable token (NFT) virtual sneakers, RTFKT, which was acquired by Nike in 2021, announced that it will cease operations in January 2025.
The company stated in an X post released on December 2: "To commemorate and preserve this groundbreaking legacy, we will launch an updated website showcasing the pioneering works that defined the RTFKT journey."
RTFKT mentioned that as a "testament to our commitment to pushing boundaries and merging worlds," it will also launch a series themed "BLADE DROP" before its closure:
Source: RTFKT
RTFKT was launched in 2020 and later raised at least $8 million from investors, including Andreessen Horowitz. Nike acquired the NFT company in December 2021, during the peak of the NFT summer.
This acquisition is part of Nike's grand plan to expand its influence in the metaverse, serving athletes and creators at the "intersection of sports, creativity, gaming, and culture."
Cointelegraph reached out to Nike for comment but did not receive an immediate response.
In June of this year, the footwear company predicted a decline in fiscal revenue for the coming year, citing "lackluster demand" for its sneakers.
Data from DefiLlama shows that RTFKT has generated nearly $50 million in revenue since its launch, with royalties exceeding $45 million, ranking ninth among NFT projects.
RTFKT's MNLTH and CloneX Mintvial collections are its two most successful products, generating $16.4 million and $13.9 million in royalty revenue, respectively, with most of the income earned during the NFT summer of 2021-2022.
Related: Celebrating the Best Achievements of NFTs with Jason Derulo: Highlights from the Awards Ceremony
Data from CryptoSlam shows that NFT sales in November reached $562 million, marking a six-month high.
So far this year, NFT sales have approached $9.9 billion—already surpassing sales for 2023, but still far from the $15.7 billion and $23.7 billion recorded in 2021 and 2022, respectively.
Since 2017, key metrics for NFTs have shown year-over-year growth. Source: CryptoSlam
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