The abrupt announcement by RTFKT has sent shockwaves through the Web3 community. After a brief, but illustrious journey since its inception in 2020, the renowned Web3 studio has indicated that it will cease operations by January 2025. The news has sparked a wave of confusion and raised several questions about the future of the studio’s community that has been actively engaged in innovative projects such as Clone X.
Over the years, RTFKT has established itself as a trailblazer in the realm of Web3 innovation and NFT sneakers. It has collaborated with renowned artist Takashi Murakami on the Clone X project, and has made waves with the introduction of its Cryptokicks iRL sneakers. These shoes, equipped with auto-lacing and app connectivity, have been hailed as technological marvels. The studio’s acquisition by Nike was seen as a significant step toward embracing the metaverse and digital collectibles, further cementing RTFKT’s standing as a pioneer in the industry.
Even so, the announcement of the shutdown has cast a shadow of uncertainty and disillusionment. The studio, in its announcement, stated, “The revolution we started lives on through every creator we inspired.” While this is a testament to its significant influence in shaping the Web3 space, it contrasts with the resentment expressed by many creators, who are taken aback by the sudden closure.
Adding to the surprise is RTFKT’s decision to launch one final product, the MNLTH X featuring the Blade Drop, in December. The release, scheduled only weeks before the studio’s planned shutdown, raises questions about their motivations. The studio has framed the release as a ‘testament to our commitment to pushing boundaries.’ Still, some are left wondering why they would launch a new product on the brink of their closure, which seems inconsistent with the studio’s previous focus on long-term innovation.
Looking to the future, RTFKT has promised to preserve its legacy by creating an archival website to exhibit its projects. They also plan to continue updating existing collections and services through their official channels, including Discord. However, the fate of the royalties and IP of existing projects remains uncertain.
No explicit reasons have been provided for the studio’s shutdown. The announcement exudes pride in the company’s accomplishments but offers little insight into why a company backed by Nike, and widely regarded as a leader in Web3, would abruptly cease operations.
Speculations abound regarding the underlying reasons for the shutdown. Some suggest that it may reflect broader strategic changes within Nike, while others opine that it may signal Nike’s intent to withdraw from the NFT space. While the future remains uncertain, RTFKT’s impact on the Web3 space is indelible and will continue to inspire creators in the years to come.
