Nike will be shutting down its RTFKT “virtual collectibles” project at the end of January 2025, according to an announcement made in early December. Nike had acquired RTFKT in 2021 as “part of its move into the metaverse”, banking on the idea that people would be excited to buy virtual sneakers and other NFT collectibles that their avatars could wear in the metaverse.However, the “metaverse” trend failed to take off, and Nike is only the latest company to abandon its multi-million dollar investment in the space.