Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Nike’s NFT and Web3 Company RTFKT to Shut Down Amid Declining Market Interest

Source Beincrypto

RTFKT, the NFT-based virtual sneaker company acquired by Nike in 2021, has announced plans to shut down its operations. This decision is likely driven by the continued decline in NFTs over the past two years.

The company will end its web3 activities by January 2025. However, to preserve its legacy, RTFKT plans to launch a new website showcasing its past projects.

The NFT Decline Claims Another Victim

According to its latest announcement, RTFKT will reveal a final product drop scheduled for this month—MNLTH X featuring the Blade Drop—which it described as a symbol of its creative approach to combining digital and physical experiences.

Founded in 2020, RTFKT developed products integrating game engines, NFTs, blockchain, and augmented reality. Nike acquired the company during John Donahoe’s tenure as CEO, marking a notable move into digital assets and the metaverse.

The acquisition aligned with broader trends in the footwear industry at the time, as brands increased their investments in digital sales and NFTs.

However, the market for NFTs has significantly cooled since 2022. This shift, along with Nike’s renewed focus on physical product innovation and strengthening relationships with wholesale partners under its new CEO, Elliott Hill, appears to have influenced the decision.

“This will probably be one of the saddest stories from the NFT space. The project had so much potential to get into the hands of normies. The fact that their team never showed up to any events, to hang with the community, I guess to a degree, this was coming. It’s just sad,” web3 investor and collector Rahim Mahtam wrote on X (formerly Twitter).

In September 2024, Nike excluded the RTFKT logo from its brand lineup in a press release about Donahoe’s retirement, further signaling a strategic shift.

More Firms are Exiting the Industry

Meanwhile, Nike isn’t alone in pulling back on NFTs. Last week, Kraken announced the closure of its NFT marketplace to focus on other projects. The platform halted listing, bidding, and selling features for users.

The NFT decline has continued sharply throughout 2024. Data shows that 98% of collections generated little or no trading activity, with most losing over 50% of value within days of release.

In 2024, only 0.2% of NFT projects were profitable, which reflects an oversaturated and speculative market with limited investor gains.

NFT Monthly Trading Volume from 2023 to 2024. Source: Dune

However, there have been certain developments recently that sparked optimism. FIFA recently announced its partnership with Mythical Games to launch a new mobile NFT football game. Meanwhile, a wallet linked to Ethereum co-founder Vitalik Buterin reportedly minted 400 Patron NFTs last month.

Overall, the NFT market remains in decline. More companies might have to follow in the footsteps of RTFKT if the industry doesn’t see reviving engagement.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

Sep 16, Wed

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

19 hours ago

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols