Nike said Monday that it is ending its operations at a business it acquired in 2021 as part of its foray into the metaverse.
Artifact, also known as RTFKT, declared on X that it would shut down by the end of January. The company creates virtual sneakers and other digital memorabilia.
After creating the first digital sneakers that could be transformed into physical goods, RTFKT wrote in the X post, “Looking back, we’re incredibly proud of everything we’ve achieved together.”
A recent sneaker display at the Portland Art Museum featured one of the Nike RTFKT sneakers.
The announcement’s implications for Nike’s digital product initiatives are not entirely obvious. With the recent announcement of its latest collaboration with the video game Fortnite, the corporation still seems to be working on some virtual products.
An email and phone contact were not immediately answered by a Nike representative.
Shortly after Elliott Hill, the new CEO, began work, RTFKT made its statement. Although Hill hasn’t discussed his ideas in public, recent business announcements point to a return to a more conventional Nike playbook that emphasizes players and sports.
Nike has named new heads of legal, sports marketing, and human resources since Hill began working there. When Nike releases its earnings on December 19, Hill is anticipated to make his first public remarks as CEO.
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Matthew Kish covers business, notably the banking and sportswear sectors. You can reach him at @matthewkish, [email protected], or 503-221-4386.
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