Chiliz Interested In Buying Nike's RTFKT, CHZ Prices Skyrocketed

Chiliz is interested in buying Nike's RTFKT, the price of CHZ immediately skyrocketed (Photo; Doc. U.Today)

JAKARTA - Chilez CEO Alexandre Dreyfus expressed interest in buying RTFKT assets, Nike's NFT platform. This statement comes after an announcement that RTFKT will discontinue their Web3 operations in January 2025. This decision was taken by Nike amid a decline in market interest in NFT over the past two years.

RTFKT, which Nike bought in 2021, is known for its innovative projects such as the "ClooneX" NFT collection designed with Japanese artist Takashi Murakami. ClooneX has even been one of the most successful NFT collections, with total royalty revenues reaching 45.67 million US Dollars (approximately IDR 727 billion). However, the declining NFT trend of 98% of collections is no longer actively traded in 2024 'encourage Nike to shift focus to more strategic wholesale products and partnerships.

In its upload on X (formerly Twitter), Dreyfus stated that Chiliz could bring RTFKT assets into the CHZ blockchain ecosystem. Following the statement, the CHZ token experienced a 9.95% jump in price in 24 hours, reaching 0.1125 US Dollars (approximately Rp1,791) with trading volume soaring 85% to US$485.4 million (approximately Rp7.7 trillion). This jump also prompted CHZ's market cap to approach 1.02 billion US Dollars (approximately Rp16.2 trillion), placing it almost on the list of the 100 largest crypto assets on CoinMarketCap.

RTFKT will launch one last product, "MNLTH X Blade Drop" as a tribute to their creative journey. In addition, they will update websites to celebrate their innovative legacy in the world of NFT. Interestingly, the RTFKT said this move was not "end" but evolution became an "artifact of cultural revolution."

Nike's decision reflects the huge challenges in the NFT industry. By 2024, only 0.2% of NFT projects were considered profitable, while the majority of projects lost more than 50% of their value in a few days. Even large platforms like Kraken recently halted their NFT marketplace operations.

However, Chilez's purchase plans provide a glimmer of hope for NFT investors and fans. If RTFKT actually joins Chiliz, this could be a strategic step towards integrating digital sports and entertainment culture, in line with Chilez's vision through their Socios platform.