Ok so a few thoughts on @nike shutting down @rtfkt
1. The timing couldn’t have been better - if they waited only a few days, they could have made the announcement that they’re completely exiting the crypto space the same day that Bitcoin hits $100k…perfect 😂
2. I never really understood the whole ‘esports’ thing, and I never really thought RTFKT represented sneaker culture very well, but I WAS pulling for them, as were the legions of diehard fans I saw at complexcon last year - I think Nike made a mistake.
3. When a parent company shuts down a subsidiary, it’s usually because that subsidiary isn’t making any money - as far as I could tell - RTFKT was making a buttload of money - and their shoes all sold out. So why did Nike pull the plug?
4. IMO - Nike pulled the plug because RTFKT IP largely existed on the decentralized blockchain. And Nike doesn’t want decentralization. Nike wants complete control over their blockchain, which is why all of their eggs are now in the @dotswoosh basket.
5. Nike handled this whole thing like a rookie trader - they bought at the top and sold at the bottom. An all time fumble imo
6. A lot of people were turned off when they realized that after Nike purchased RTFKT, it seemed to be about selling products non-stop. It really had nothing to do with NFTs and had nothing to do with web3 or community. Every drop was another ‘physical product’ you had to buy. It was just product drop after product drop. And I’m glad that whole FOMO cycle is over.
7. As for the shoes - I’m glad we got a couple of dope, unique releases. Will they rise in value? No clue. Seems to me the market is flooded beyond understanding right now so I wouldn’t bet on it. But maybe, in the next few years when the next big cycle comes around…we’ll see a resurgence. As for now, tho, I’m holding on to my pairs as an ‘artifact of cultural revolution’ (lol)