Nike (NKE) has decided to shut down RTFKT, its digital fashion and NFT subsidiary, three years after acquiring the company. Known for its Ethereum-based (ETH-USD) collectibles and limited-edition digital sneakers, RTFKT gained attention with collaborations featuring major artists like Takashi Murakami. The footwear company made a splash by selling $10,000 digital sneakers on Nifty Gateway back in 2021, becoming a symbol of the growing intersection between fashion, NFTs, and gaming.
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Nike’s Digital Fashion Dream Fades
Despite its early success, RTFKT struggled as the NFT market waned. Prices for its signature Clone X NFTs, once selling for upwards of $63,000, now trade for less than $1,000 in ETH. Nike hinted at this closure earlier in September when it excluded the RTFKT logo from a press release, signaling a shift away from the digital venture. According to Decrypt, Nike will continue its Web3 efforts through its virtual platform .Swoosh but won’t be releasing new NFT collections anytime soon.
A Final Chapter for RTFKT
RTFKT plans to launch a last project, the MNLTH X featuring the Blade Drop, before winding down operations in December. While the end of RTFKT marks a significant shift, the company emphasizes that it’s “becoming what it was always meant to be—an artifact of cultural revolution.” It’s clear: RTFKT may be closing its doors, but its impact on digital culture is far from forgotten.
Is Nike Stock a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about NKE stock, with a Moderate Buy consensus rating based on 16 Buys and 13 Holds. Over the past year, NKE has plunged by more than 30%, and the average NKE price target of $91.48 implies an upside potential of 16% from current levels.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
