RTFKT, a pioneer in developing NFTs for wearable devices, saw its acquisition by Nike in 2021 come to an end with the announcement of the closure of operations in January. However, existing Ethereum blockchain tokens will remain accessible. RTFKT’s standout feature lies in its collaborative efforts with artists and brands, notably CloneX, which introduced the innovative Avatar art system in partnership with renowned Japanese artist Takashi Murakami. This partnership played a significant role in Nike’s decision to acquire the company as part of former CEO John Donahoe’s strategic plan. Under RTFKT, the NFT project generated over $50 million and an additional $45 million from royalties, with trading volumes exceeding $1.5 billion across 20 collections. As RTFKT gears up to release its final NFT project before shuttering, the legacy of its innovative work continues.
TLDR: RTFKT, known for its NFT collaborations with artists and brands, including the Avatar art system developed with Takashi Murakami, saw its acquisition by Nike come to an end. Despite the closure, existing Ethereum tokens will remain accessible, showcasing the project’s success in generating millions in revenue and setting the stage for a final NFT release.
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