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9 Reasons Nike Shut Down Web3 Fashion Studio RTFKT
The biggest headline of the year is Nike sunsetting RTFKT, just 3 years after they acquired the Web3 fashion studio. So why, and why now?
Pet Berisha
December 09, 2024
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9 Reasons Nike Shut Down Web3 Fashion Studio RTFKT
Sporting Crypto Newsletter is supported by The HBAR Foundation.
Discussed in this edition of Sporting Crypto:
Overview 👟
Why Nike Shut Down RTFKT ❌
Analysis & Concluding Thoughts 🧠
Overview 👟
Just three years after acquiring RTFKT, Nike shuttered the Web3 fashion studio who announced via X that it would be winding down operations in early 2025.
So why has this happened?
Why after what many (including myself) claimed to be an industry-defining acquisition, have Nike decided to move away from Web3 completely?
There have been two schools of thought that I have observed since the announcement, both of which I think are off the mark:
(1) The crypto native lens: RTFKT took in 100s of millions of dollars and ‘rugged’ its community members.
(2) The ‘outside’ lens: See, I told you crypto is a scam and it was obvious this was a bad idea from the outset by Nike.
Ultimately, both schools of thought are wrong when nuance and context are applied.
The TL:DR is:
The macro tailwinds for Nike are too strong for anything other than ‘back to basics’ to steady the ship, under new leadership.
In a slightly different format than usual, I’ll go through each point I think is a factor in this decision.
Subscribe below to read them!