Sad! Nike NFT Project Will Be "Completed" in 2025, Why?

Bittime - Shocking news came from the NFT world, which recently reported that Nike's NFT project called RTFKT will stop operating completely in January 2025. Even though this project has recorded many achievements and great success, this decision raises big questions among fans and investors. Why did Nike and RTFKT choose to end their journey in the world of NFTs?

RTFKT: From Pioneering to Closing

RTFKT started in 2020 and quickly became one of the biggest pioneers in the world of NFTs and digital collectibles. They succeeded in combining the physical and digital worlds by creating virtual shoes that can be purchased as NFTs. Collaborations with famous artists such as Jeff Staple and Takashi Murakami, as well as support from Nike, which acquired RTFKT in 2021, have further solidified their position in the global market.

The project was not only successful in the NFT market, but also achieved fantastic sales figures and attracted huge investments, with funds raised reaching more than $50 million. They recorded sales of NFT collectibles worth thousands of dollars per item and even built a very loyal community.

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Why Should RTFKT Close?

However, despite RTFKT achieving much success, the NFT market is now facing a significant downturn. Nike itself projects a decline in demand for its physical products in 2024, which will also affect digital collections. This declining demand is one of the main reasons why Nike chose to close RTFKT in January 2025.

However, there is good news for NFT holders from RTFKT: even though the project is closed, issued Ethereum-based tokens can still be accessed and traded. Nike also revealed that they will be launching a new website that will showcase the biggest contributions and achievements from RTFKT's journey in the world of NFTs.

What Does This Mean for Nike and the NFT Market?

While this is a step back for Nike in the NFT market, this decision may be part of their strategy to adapt to changing trends in the digital market. Nike could decide to focus on more relevant areas or even launch new projects that are more in line with growing market demands.

RTFKT may be ending, but this doesn't mean the NFT world will stop. This decision actually provides an important lesson about how the rapidly changing digital industry requires continuous adaptation and innovation.

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Lessons from RTFKT

RTFKT's closure shows that in the digital and NFT world, nothing can be predicted with certainty. Although RTFKT has managed to build a great legacy, market uncertainty and changing trends forced them to stop their operations. However, the legacy and innovation they brought to the world of digital collectibles will continue to be remembered as an important part of NFT history.

So, even though the RTFKT project ends, the world of NFTs and digital technology will still continue to grow. Who knows, in the future, Nike and other big companies might return with a fresher and more relevant approach to the future of the digital world.

FAQ NFT

What are NFTs? 

NFT (Non-Fungible Token) is a unique digital asset and cannot be exchanged directly with other assets. Typically, NFTs are used to represent works of art, music, videos or other digital items that can be bought and sold on blockchain-based platforms such as Ethereum.
 

Why are NFTs becoming popular? 

NFTs are becoming popular because they provide clear digital ownership of items or works of art that are typically difficult to maintain online. With NFTs, buyers can have proof of the authenticity and rarity of the digital asset, which increases its resale value.
 

Can NFTs provide financial benefits? 

As with other assets, NFTs can provide financial benefits if the value of the work they represent increases over time. However, like any investment, there are risks involved. The value of an NFT is highly dependent on market demand and interest in a particular work or project.

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Reference

Bitget, Media Bitget, accessed December 3, 2024.

Coincident, Media Coinc, accessed December 3, 2024.

Author: MF