Nike sells RTFKT amid broader slowdown in NFTs
Nike has discreetly sold its NFT subsidiary, RTFKT, following a shutdown amidst a cooling digital collectibles market.Summary
Nike quietly sold its digital products and NFT subsidiary, RTFKT, on December 16, about a year after announcing the shutdown of the business. The sportswear brand described the sale as "a new chapter" but did not disclose the buyer or financial details. This divestment reflects a broader contraction in the NFT sector, evidenced by other industry players like marketplace X2Y2 ceasing operations and NFT Paris canceling its 2026 event. Nike acquired RTFKT in late 2021 during the NFT boom, where it gained prominence for digital sneakers. The shutdown in late 2024, which led to a class-action lawsuit alleging significant investor losses, was part of CEO Elliott Hill's refocusing strategy on Nike's core sports business. Nike stated it will continue to invest in innovative products across physical, digital, and virtual environments through partnerships with video game companies.
(Source：CoinDesk)