Ain’t Nobody Got Time For RTFKT

Less than three years after the Nike acquisition, the "Supreme of digital fashion" is set to close.

The digital streetwear brand RTFKT (pronounced artifact) announced on X—formally Twitter—that it was shutting down. This didn’t surprise observers from the sneaker and crypto communities, particularly Nick O’Neill, who speculated on the outcome on the same platform in March. “Two years ago, Nike acquired RTFKT for a reported one billion dollar sum. Choosing to make RTFKT founders [Benoit Pagotto, Steven ‘Zaptio’ Vasilev, and Chris Le] incredibly rich,” said O’Neill. “Now, according to our sources, Nike’s shutting down RTFKT this year. Will that be a poor choice? I’ll leave you to decide.” Zaptio's weak attempt to refute closure rumours while ignoring the supposed "undisclosed sum" is interesting. Strangely, O'Neill's tweet remained largely unnoticed until it was too late (this is kinda odd; the American University alum isn't some rando on the ‘net). With the sportswear brand’s dip in revenue, we’d imagine Nike’s board chatted it up with its former CEO, John Donahoe, well before his departure, which he announced mid-September.

In theory, RTFKT is doable. The founders aimed to establish RTFKT as the "Supreme of digital fashion.” (Eyeroll.) Sure, Supreme pioneered the concept of streetwear coolness that many emerging brands sought to emulate. But clearly, these puppies were so caught up in their own hype that they forgot the assignment.

RTFKT’s MO was providing sneakerheads with digital assets known as non-fungible tokens (NFTs). For instance, a digital cloud known as blockchain houses ultra-exclusive Nike Dunks. The buyer who owns the Dunks gets a unique code stored on a ledger. Only certain blockchains, primarily Ethereum, can trade these NFTs at outrageous prices, hence the ephemeral hype. Fashion NFTs aim to encourage an innovative approach to self-expression in the digital realm. The thing is, if you can’t get a physical drop, or if you have to go through all these hoops to nab a pair, especially if you’re paying beyond top dollar, does anybody got time for that? 

It’s difficult to know whether RTFKT—founded in 2020 and acquired by Nike shortly afterwards—was a ‘real’ streetwear brand or simply a cash grab. According to Vogue Business, it raked in $185.3 million in NFT revenue in less than three years. Contributing to the bag were collabs, first with then-teen digital artist FEWOCiOUS, followed by bigger names like Takashi Murakami, beauty brand Shu Uemura, luggage brand Rimowa, and crypto hardware wallet maker Ledger. Inevitably, as with most fads, the NFT hype went into overkill until the novelty wore off. Early on, The Information reported that sneakerheads weren’t that hyped on the streetwear/sneaker NFT trend, and even Nike decided to cool off on its .SWOOSH virtual platform.

Had RTFKT kept things underground, which is the point of streetwear, it probably would’ve survived. However, after securing their initial $8 million investment, they probably felt the pressure to scale up. By the looks of things, though, it appears RTFKT and Nike were out to make it rain… right into the gutter.

New Balance Teams Up with Luxury Brand GANNI A/S To Release The Fresh Foam Sneaker

New Balance has launched another brand collaboration, teaming up with Danish fashion brand GANNI A/S. "The long-standing collaborative relationship between GANNI and New Balance reflects our shared commitment to creativity and a passion for pushing boundaries." Chris Davis, New Balance's President and CMO, said on LinkedIn. The brands have collaborated on three capsules in the past. Davis states that the new drop "promises to embody the essence of both brands while introducing a fresh performance tech perspective incorporating GANNI's signature bold, discovery details." The limited edition Fresh Foam Trainer, dropping today, features the Danish brand's butterfly logo detailing and comes in two distinct colourways: silver/pastel pink and red/black/white. The drop retails at roughly 150 USD and is available on GANNI’s website as well as select stores.

New Balance brought in cartoonist and illustrator Suerynn Lee for the campaign visuals, which feature the "GANNI" girl and her "four-legged best friend." 

Within minutes of posting, Davis' comment section gained heavy traction. "This collaboration is a fantastic example of blending innovation with purpose," said one commenter. “A dog mom and a little dog... 'It's my favourite. 'What a perfect use of cultural relevance!" Said another enthusiast. Despite the childless cat lady craze during the US elections, dog moms still dominate from a cultural standpoint. Cute stuff aside, the primary concern is the potential setback of the president-elect's tariffs on cross-country brand collaborations in the coming months or years.

The American brand New Balance has its headquarters in Boston. President-elect Donald Trump plans to impose tariffs anywhere from 10 to 20 percent on imports from countries outside the US (except China, which will pay a whopping “60 percent or more”). GANNI A/S is based in Copenhagen, Denmark, so unless the dealings are solely on one side of the pond, this could hinder future collaborations.

What do you think of the New Balance x GANNI Fresh Foam Trainer? We want to know.

New Balance Numeric's "Intervals" Skater Short Film

Busy-ass day at Culture Forward, lemme tell ya. But we're dedicated to delivering the goods.

This comes from New Balance again. Here, we have a short film produced in collaboration with Thrasher, a longstanding cult fave among skaterheads and enthusiasts. The magazine's website gives an industry trade publication feel, probably because I was more into Juxtapose and Mass Appeal growing up—not that those are skater mags, but because they spoke to a similar demo. Nonetheless, the film is a mini-documentary of sorts. "Don’t watch it on a phone, watch it on the biggest screen you can find with the biggest speakers possible, turn it up and cast aside distractions," said Sebastian Palmer, general manager for NB Numeric, the skateboard division of New Balance on LinkedIn. He continued, "This is the best skate video you will watch this year. After taking this on a world premiere tour from LA to NY, Madrid and Sao Paolo it is now ready for the world." 

Like I said before, humble brags, right? 

"[Three] years in the making, this is a huge highlight of my career," he gloats. "If you know anything of my journey, you may know I quit another major shoe brand because I felt they didn’t listen to the skaters, the director or those that work at the brand when they finished a particular film. Making skate videos defines us and is essential to progressing skateboarding, artistically and physically." 

And where was this other brand, you ask? Well, sources point to none other than Nike. 

Intervals is a three-part series in which New Balance Numeric teams up with various skateboarders around the world to create something. It's not the type of content to watch if you're hoping to become a better person, but it is kind of neat if you want to catch a vibe, you know, if you're feeling nostalgic. This makes me think of the Harmony Korine film Kids from '95 without the volatility.

As for the growing number of former disgruntled Nike employees… 

Well, I’ll be listening and watching.

As the OG Lauren London says... The marathon continues. 

Watch New Balance Numeric’s Intervals after the jump.

Ciao Edie!

Is Nike Falling Apart?

I went to Girl Guides as a kid. I don’t think I dressed up (I was about 8), but one of my fashion staples was a pair of white Air Jordans with black and red accents. If I remember correctly, the kicks featured an iridescent midfoot swoosh. I believe they were kid boy sizes. During one event, two girls stared in my direction, whispering to each other. A few moments later, one of the girls approached me, admitting they were chatting about my Jordans. The thing is, rocking fresh kicks wasn't a big deal. That was just the story of my life.

I grew up on Nike.

Seeing powerful black celebrities wearing Jordans mesmerized me. Two, in particular—Spike Lee and Michael Jordan—were everything I wanted to be. All my influences at the time, from Monie Love and MC Lyte to Kid'N'Play and Kris Kross, rocked Jordans. 

It wasn’t surprising, at least to me, that I'd want to work for the big SWOOSH as an adult. I'm not an athlete, nor have I tried to be, but the brand's ethos made me feel there'd be a place for me within its content team to help shape Nike's narrative for younger generations, particularly young black girls like me. 

Working at Nike's HQ has been on my wishlist for some time, so much so that I added several employees on LinkedIn and even arranged informal Zoom chats. However, I received rejections for every position I applied for. Is it disheartening? Yes and no.

A lot is alluding to Nike’s internal culture, but knowing me, this revelation didn't sway my opinion of the brand. When I learned that John Donahoe was stepping down as CEO, coincidentally ahead of the US election, I thought, 'Maybe this is a positive thing!' given that his tenure at the brand wasn’t a fit. However, after reading Forbes’s piece about the brand’s failing reputation, especially over the past four years, I’ve started to wonder about this brand I admired and its hazy future.

I am a journalist covering streetwear and youth culture beats. So, I need to report on things as they land on my desk. However, I sincerely hope that the brand transforms.

Nike needs to redefine what diversity means as a global brand known for pushing boundaries. Instead of the cool kid, Nike should broaden its teams to include individuals who don’t align with traditional norms yet possess innovative, fresh ideas and concepts. The new minds' contributions to the brand should stem from their passion; Nike's approach should be genuine, not just a tick on the box. Customers know what’s up.

Does this mean that I'll never work for Nike again? I mean, never say never. Even though many activists have said, "Don't buy Nike," I'd be lying if I didn't admit to being a Nike stan. As I've gotten older, I still find Nike's shoes and brand messaging aspirational. However, there's a glaring disconnect between Nike's public perception and reality. As the adage goes, nothing is as it seems, but what's going on at Nike, an all-American emblem, feels symbolic, almost like the implosion of the West.

As I said, I'm keeping it light for this post, but I'm committed to seeing where this journey takes me.