Nike to Close NFT Studio RTFKT After Completing Final Collection
Date: 2024-12-04 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS, BUSINESS
RTFKT, which was acquired by Nike (NYSE:NKE) in 2021, announced its closure via an official statement. It said that as a tribute to the studio’s creative legacy, a new website will be created to showcase key works that have defined the studio.
Founded in 2020, RTFKT has quickly become a prominent player in the NFT market and metaverse. The studio has released a number of successful collections in collaboration with partners such as Nike, Japanese artist Takashi Murakami, and sneaker designer Jeff Staple. Its founders, Benoit Pagotto, Chris Le, and Stephen Vasilev, managed to raise over $8 million in funding, including backing from Andreessen Horowitz. In December 2021, Nike acquired the startup.
Over the course of its existence, RTFKT has generated nearly $50 million in total revenue, with over $45 million coming from licensing fees.
The official reason for the studio's closure has not been disclosed. However, the decision raises questions as the NFT market is showing signs of recovery. In November 2024, non-fungible token sales reached a six-month high of $561.9 million.
