Nike-owned NFT Wearables Startup RTFKT is Winding Down

RTFKT, the NFT project most known for its attempt at making 'digital shoes' a thing, is shutting down, according to a statement on Monday. From a report: The project, acquired by athletic wear juggernaut Nike in 2021 for an undisclosed sum, plans to fully unwind by the end of January, though its Ethereum-based tokens will remain accessible.

Launched in 2020 amid the beginnings of the mania around NFTs and the metaverse, RTFKT quickly garnered a reputation as a fast-moving startup. It spun up 'drops' with brands, including Nike, and collaborated with the likes of sneaker designer Jeff Staple and Japanese artist Takashi Murakami.

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