Alexandre Dreyfus, the CEO of Chiliz (CHZ), the cryptocurrency powering the sports entertainment platform Socios, has expressed interest in acquiring Nike’s non-fungible token (NFT) platform RTFKT. This comes after RTFKT announced plans to wind down operations in January 2025.
In a post on the social media platform X (formerly Twitter), Dreyfus hinted at the potential for the Chiliz ecosystem to bid on RTFKT’s assets and integrate them into the CHZ blockchain. Following this announcement, the price of CHZ surged by an impressive 9.95% in the last 24 hours, trading at $0.1125. The trading volume also saw a significant increase of 85%, reaching $485.40 million, indicating heightened investor interest.
RTFKT was acquired by Nike during the 2021 crypto bull market for an undisclosed sum. Since then, the platform has released several innovative products, including the first-ever digital sneakers that could be transformed into physical items.
According to an official announcement, RTFKT plans to launch “an updated website that showcases the groundbreaking work that defined the RTFKT journey” as a tribute to its legacy. Additionally, the platform will release a final product drop to honor its commitment to innovation and the merging of digital and physical realms.
DefiLlama data reveals that RTFKT ranks ninth among NFT projects with the highest lifetime earnings, having generated $45.67 million in royalties. Its most notable success is the CloneX collection, created in collaboration with renowned Japanese artist Takashi Murakami. Despite the winding down of its operations, RTFKT emphasized in its announcement that the project is not ending but evolving into “what it was always meant to be — an Artifact of cultural revolution.”
CHZ Token Nearing the Top 100
CHZ’s recent 9% price surge has brought its weekly gains to 26.56%, with a staggering 104.31% increase over the past 30 days. This remarkable performance has erased years of stagnation in just weeks. With a market capitalization of $1.02 billion, CHZ is on the verge of entering the top 100 digital assets by valuation on CoinMarketCap.
The Relative Strength Index (RSI) for CHZ currently stands at 71.47, indicating strong buying pressure. However, the RSI’s gradient suggests a potential cooldown period as the token has been in overbought territory for an extended time. Nonetheless, given the broader altcoin rally since November, CHZ could aim for its all-time high of $0.8915 in this market cycle.
