RTFKT, the legendary phygital NFT company acquired by Nike, will shut down its operations this month and start a new chapter soon. The last date for the users to mint their NFTs and reveal their eggs is January 31, 2025. However, the NFTs in the user wallets will not be impacted, and the platform will launch an updated website to show its groundbreaking works.
The RTFKT’s NFT platform where the creators once made revolutionary assets will now become an archive, a sort of online museum that showcases and preserves its legacy. Beyond the mere shutdown, RTFKT is becoming an artifact of the cultural revolution through this transition. Let’s check how RTFKT’s scenario will affect the entire NFT market and digital fashion culture in general.
What Is RTFKT?
It all started in the middle of the COVID-19 pandemic when three friends enthusiastic about the web3 culture formed a platform exclusively for Non-Fungible Tokens (NFT) creators. They made a creator-led network by combining the NFT market, Augmented Reality (AR), and in-game engines. It became popular when they developed custom sneakers for gamers.
The popularity of phygital (physical and digital) sneakers got the attention of Nike. It acquired RTFKT in December 2021. When Nike bought the platform, RTFKT was hailed by the fans as the supreme of the metaverse.
The Reason For RTFKT’s Shutdown
The halt of RTFKT’s services is primarily due to its struggling business. Despite the fan following and mainstream media attention, the platform failed to generate profit for Nike. It started many layoffs and eventually announced the shutdown. However, Nike or RTFKT has not made any public announcements about the reasons for the closure.
What Will Happen To RTFKT’s NFTs?
The existing NFTs in the wallets of the hodlers will not be affected. Project Animus Egg NFT hodlers can reveal their eggs through animus.rtfkt.com until January 25th, 2025. Owners of Clone X Mint Vial NFTs will be able to open mint vials to reveal their clones until the same date.
What’s In The January 2025 Update Of RTFKT’s Website?
The new website, which will be launched this month, will continue the access for the existing users. The hodlers can connect their crypto wallets and access their assets and files. The owners of World Merging (WM) NFC-NFTs will be able to scan an NFC tag and link to the corresponding NFT until July 31, 2025.
The existing website will be turned into an archive and will not be updated from January 2025. It can be accessed by anyone interested in knowing the glorious past of RTFKT creators. More plans for the new website will be revealed shortly.
Additional Details Of The Shutdown
The iOS and Android apps have been removed from the stores and all the affiliated websites will be discontinued. Most of the NFT functions will be shut down. However, NFT hodlers can access the original MNLTH NFTs until January 13, 2025.
Impact Of RTFKT’s Transition To Web3 World
As RTFKT transcends to become an artifact with cultural and historical significance in the web3 realm, it has got polarising reactions from the NFT communities. According to certain experts, this move will affect the NFT market as a whole where new investors will hesitate to purchase unique items.
The integration of augmented reality (AR) into RTFKT’s offerings could further redefine how digital assets are experienced, blending virtual and physical worlds. Also, it will probably detach the giant companies of the fashion market to enter the digital web3 realm. Meanwhile, others consider that RTFKT will be hailed by an NFT-driven future generation.
Final Thoughts
The fans are trying to build standalone interfaces without the need for a development environment. Also, some of the community members expect Nike to resume the website at the beginning of a potential NFT bull market. However, Nike seems like taking back steps from the blockchain environment. They have previously removed the web3 functionalities of Swoosh, a project they own which was initially launched on Polygon.
RTFKT has a working X (Twitter) profile where you can catch up with further updates. Also, you can follow individual creators of the platform to stay updated with their artwork.
