How did a giant like Nike, a brand synonymous with cutting-edge sneakers and victory swooshes, stumble into a digital quagmire with its NFT venture?
It’s a tale of bold innovation clashing with the harsh realities of a fickle crypto world.
In December 2021, Nike acquired RTFKT, a Web3 outfit promising digital kicks and NFT magic.
Fast forward three years, and RTFKT announced its shutdown by December 2024, with services ceasing by January 2025.
The news, dropped casually on X (formerly Twitter), hit like a scuffed sneaker on a polished court—unexpected, jarring, and leaving a mark.
The Web3 community erupted with fury.
On Discord and X, users cried out, feeling “blindsided” and “rugged,” as if Nike yanked the virtual rug from under their pixelated feet.
Imagine saving up for a rare NFT, dreaming of redeeming it for a real-world shoe, only to find the digital door slammed shut.
The abruptness stung.
No warning, just a cold farewell.
Worse, the utility of NFTs—like ‘forging’ for physical goods—vanished for collections like Clone X Forging SZN 1.
Holders who once pictured unboxing sleek lace locks from Skin Vials now stare at error messages instead of images, their digital treasures glitching into oblivion.
While the blockchain ledger ensures NFT ownership remains verifiable, the practical value diminished significantly.
Financially, the fallout was grim.
RTFKT NFT values plummeted, and Nike’s stock lagged behind markets since mid-2023.
A class-action lawsuit emerged in early 2025, seeking over $5 million, with plaintiffs alleging consumer law violations and unregistered securities.
It’s a bitter irony: a brand built on trust now faces courtroom sneers over digital dreams gone sour.
Technically, too, things unraveled—images wouldn’t load, servers seemingly abandoned, as if Cloudflare forgot to pay the bill.
RTFKT’s promise to decentralize CloneX assets felt like a late apology at a trashed party.
Despite Nike’s efforts to release RTFKT-branded shoes in both real and NFT forms, none resonated with the Web3 ecosystem.
Additionally, Nike’s digital platform faced criticism for technical issues, with users reporting that JavaScript disabled errors prevented access to NFT features.
