Nike closes RTFKT: the end of a virtual era in the metaverse

Nike has just confirmed the official closure of RTFKT, its virtual fashion and trainer brand NFT, an unexpected acquisition the firm made in 2021 amid the rise of crypto and Web3. This was announced by Nike CEO Elliot Hill, who, in a recent statement, noted that the brand is ‘recalibrating and reassessing’ its priorities as it heads into a new chapter of digital innovation.

RTFKT, created in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, had positioned itself as one of the biggest names in the metaverse and digital experiences at the height of the pandemic, when NFTs and cryptocurrencies were at their peak. For many, RTFKT represented a digital version of the codes that defined sneaker culture, a sort of ‘Supreme’ of fashion in a virtual world. At the time, Nike was betting on being at the forefront of the digital space, even launching its own Web3 platform, SWOOSH.

However, the NFT boom eventually fizzled out, and with it the brand saw the values of its products plummet. The community began to lose interest. As a result, Nike has decided to halt RTFKT’s operations, which are due to close at the end of January 2025. After that date, users will no longer be able to participate in online missions or access the brand’s digital products. However, before its final farewell, RTFKT will launch a website showcasing its most iconic digital works, from the NFTs created in collaboration with Takashi Murakami to virtual versions of its legendary Nike Dunks.

The announcement comes just a couple of months after Elliot Hill took over as CEO at Nike, marking a significant shift in the company’s strategy, especially in the realm of digital fashion. At the time, RTFKT seemed like the future of the brand in the virtual space, but times change and, with it, priorities.

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