Nike will shut down RTFKT, a subsidiary that made virtual sneakers for the metaverse

A company that Nike purchased in 2021 as part of its move into the metaverse announced on Monday that it’s ceasing operations. RTFKT, pronounced “Artifact,” announced on X that it will “wind down” by the end of January. The company makes digital collectibles, including virtual sneakers. “Looking back, we’re incredibly proud of everything we’ve achieved together,” RTFKT said in the post on X, noting that it made the first digital sneakers that could be turned into physical products. One of the Nike RTFKT shoes was part of a recent sneaker...