RTFKT, the Web3 sneaker brand that Nike acquired in 2021, will wind down operations by the end of January 2025, transitioning into an archived site to showcase the designs created for the platform.
Nike will maintain its .Swoosh Web3 brand — in October 2023 Nike released the first IRL sneaker design tied to its .Swoosh Web3-enabled platform — however, the company now appears to be more focused on real-world concerns. For its Q1 2025, which ended Aug. 31, 2024, Nike’s revenues of $11.6 billion represented a 10% decrease compared to the same period the previous year.
An unsigned statement from RTFKT on X reads: “To our community of visionaries artists, and believers: Thank you. You didn’t just witness the future of creativity — you helped shape it. That’s the true RTFKT legacy: showing the world that when you dare to imagine differently, you can transform culture itself. The revolution we started lives on through every creator we inspired.”
In January 2024 Nike laid out plans to cut $2 billion in costs as part of a strategy pivot that also included layoffs, and in September 2024 Nike named Elliott Hill as its new President and CEO, replacing the departing John Donahoe.
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