Part 6/7:
As NFT prices continued to decline, the prognosis for Artifact grew bleaker, culminating in an announcement on December 2nd, 2024, that the company would cease operations. The shutdown of Artifact illustrates a broader trend where large corporations are beginning to retract their investments in the NFT space.
Conclusion: A Lesson in Innovation and Expectations
The rise and fall of Nike's NFT venture serves as a critical case study in innovation, market timing, and understanding consumer demographics. While the NFT market showed promise, it was ultimately unable to fulfill the high expectations of a major corporation like Nike.