RTFKT, a NFT company under Nike, will cease operations, causing a significant drop in CloneX floor p
Renowned sports brand Nike's digital wearable NFT startup RTFKT announced on Monday that it will cease operations. According to the announcement, the company plans to end its services by the end of January 2025, but its NFTs built on the Ethereum memory blockchain can still be used and accessed.
Today, we announce the plan to end RTFKT's operations, "RTFKT said in a statement." To commemorate and preserve this groundbreaking legacy, we will launch an updated website showcasing the groundbreaking achievements that define RTFKT's journey
RTFKT was founded in 2020, during the early stages of the NFT and metaverse craze. The company quickly became known as a rapidly growing startup and has collaborated with brands and celebrities including Nike, sneaker designer Jeff Staple, and Japanese artist Takashi Murakami. In December 2021, Nike acquired RTFKT to expand its presence in the metaverse. Prior to its acquisition, RTFKT had raised $9.42 million from investors including Andreessen Horowitz (a16z), with a valuation of $33.3 million.
According to DeFiLlama's data, RTFKT ranks ninth in the NFT project revenue ranking, with a lifetime total revenue of nearly $50 million, of which royalty income exceeds $45 million. According to data from The Block Research, RTFKT has over 20 NFT series, generating approximately $1.5 billion in total transactions, with the majority coming from its most successful NFT series, CloneX.
According to data from the NFT market OpenSea, after RTFKT's announcement, the floor price of CloneX NFT fell from approximately 0.57 ETH (worth $2080) to around 0.2 ETH, and before the deadline, its floor price slightly rebounded to 0.34 ETH (worth approximately $1240). According to the announcement, RTFKT plans to launch a new series before ending operations.
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