Rise

<p><strong>Key Points:</strong></p>  
<ul class="wp-block-list">
 <li><em>Nike NFT project RTFKT will cease operations by January 2025, though its Ethereum-based tokens will remain accessible.</em></li>  
 <li><em>RTFKT plans to launch an updated website showcasing its groundbreaking contributions to NFTs and digital collectables.</em></li> 
</ul>  
<h5 class="wp-block-heading"><a href="https://coincu.com/166828-nikes-nft-series-rtfkt-clonex-800-million/" target="_blank" rel="noopener noreferrer nofollow">RTFKT</a>, a pioneering maker of virtual NFT sneakers, will shut down by January 2025, per an announcement on X made on Dec. 2.</h5>  
<figure class="wp-block-image aligncenter size-large"><a href="https://coincu.com/wp-content/uploads/2024/12/On-White-58.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2024/12/On-White-58-1024x576.jpg" alt="Nike NFT Project Will Shut Down Completely By 2025" class="wp-image-294924"></a>
 <figcaption class="wp-element-caption">
 </figcaption>
</figure>  
<p class="has-background" style="background-color:#222222">Read more:<a href="https://coincu.com/242737-revolut-paused-some-crypto-services-by-fca/" target="_blank" rel="noopener noreferrer nofollow"> </a><a href="https://coincu.com/292955-lqr-house-bitcoin-investment-expands/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/292003-investment-giant-vaneck-launches-sui-based-financial-product/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/195803-nike-airphoria-nft-sneaker-hunt/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/wp-admin/post.php?post=195803&amp;action=edit" rel="noopener noreferrer nofollow">Nike’s Airphoria NFT Sneaker Hunt Takes Over Fortnite</a>&nbsp;</p>  
<h2 class="wp-block-heading" id="nike-nft-project-rtfkt-to-shut-down-by-january-2025">Nike NFT Project RTFKT to Shut Down by January 2025</h2>  
<p>Acquired by Nike in 2021 for an undisclosed sum, the company's Ethereum-based tokens will remain accessible despite the shutdown.</p>  
<blockquote class="wp-block-quote">
 <p>"To honor and preserve this pioneering legacy, we will be launching an updated website that showcases the groundbreaking work that defined the RTFKT journey," <a href="https://x.com/RTFKT/status/1863621178532773928" target="_blank" rel="noopener noreferrer nofollow">said</a> the announcement.</p> 
</blockquote>  
<p>The Nike NFT project was founded in 2020 and quickly rose to fame as a leader in the NFT and metaverse industries. It drew attention with major brand deals, including <a href="https://coincu.com/191544-nike-teams-up-with-ea-sports/" target="_blank" rel="noopener noreferrer nofollow">Nike</a>, alongside top-tier artists like Jeff Staple, a sneaker designer, and Japanese contemporary artist Takashi Murakami.</p>  
<p>Success attracted heavy investment, too, as the startup raised at least $8 million from backers such as Andreessen Horowitz prior to its acquisition by Nike.</p>  
<h2 class="wp-block-heading" id="rtfkt-s-rise-and-the-rise-of-digital-collectibles">RTFKT's Rise and the Rise of Digital Collectibles</h2>  
<p>The Nike NFT project rose to prominence with an innovative concept: merging digital and physical collectables. Early successes included creating a collection on Nifty Gateway that brought in sales of $10,000 and building a community through Ethereum-based NFTs and physical products.</p>  
<p>During its lifetime, the company banked close to $50 million in earnings, with more than $45 million from royalties, according to data from <a href="https://defillama.com/nfts/earnings" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>.</p>  
<figure class="wp-block-image aligncenter size-large"><a href="https://coincu.com/wp-content/uploads/2024/12/Screenshot-2024-12-03-at-10.39.40-scaled.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2024/12/Screenshot-2024-12-03-at-10.39.40-1024x383.jpg" alt="Nike NFT Project Will Shut Down Completely By 2025" class="wp-image-294927"></a>
 <figcaption class="wp-element-caption"><em>Source: DefiLlama</em>
 </figcaption>
</figure>  
<p>Despite this success, the NFT market has increasingly struggled. Nike's forecast for June 2024 <a href="https://www.reuters.com/business/retail-consumer/nike-misses-quarterly-revenue-expectations-choppy-demand-its-sneakers-2024-06-27/" target="_blank" rel="noopener noreferrer nofollow">predicted</a> a drop in demand for its physical sneakers, which might raise questions about wider demand for digital collectables.</p>  
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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</figure>  <a href="https://coincu.com/?p=294900" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Nike NFT Project Will Shut Down Completely By 2025

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