- Nike sold its NFT subsidiary RTFKT about a year after shutting down operations.
- The move reflects continued contraction across the NFT sector after the 2021 boom.
- Under new leadership, Nike is refocusing on its core business and limiting direct NFT exposure.
Nike has quietly sold RTFKT, its once high-profile NFT and digital collectibles subsidiary, roughly a year after shutting down the business, according to a report from The Oregonian. The sale reportedly took place on December 16, though Nike did not disclose the buyer or the financial terms. In a brief statement cited in the report, the company described the move as “a new chapter” for both Nike and the RTFKT community, offering little detail beyond that.
A Low-Key Exit From a Once-Flashy Bet
Nike acquired RTFKT in late 2021 at the height of the NFT boom, when digital collectibles, virtual sneakers, and blockchain-based branding were drawing massive attention. At its peak, RTFKT became one of the most recognizable studios in the space, collaborating with prominent artists and selling digital sneakers that sometimes fetched thousands of dollars. That momentum didn’t last. In late 2024, Nike announced it would shutter RTFKT’s operations, signaling a pullback from NFTs while still expressing interest in digital and virtual experiences through gaming partnerships.
The Broader NFT Retreat Continues
Nike’s exit doesn’t appear isolated. The broader NFT sector has continued to contract sharply from its 2021 highs. Marketplace X2Y2 recently announced plans to wind down operations amid declining trading volumes, and NFT Paris, once considered a flagship industry event, has canceled its 2026 conference. Together, these moves reflect a market that has shifted from rapid experimentation to consolidation, and in some cases, full retreat.
Legal Fallout and a Strategic Refocus
The shutdown of RTFKT also triggered legal consequences. In April 2025, a class-action lawsuit was filed in Brooklyn alleging investor losses exceeding $5 million following Nike’s decision to wind down the unit. The divestment comes under CEO Elliott Hill, who took over in 2024 and has been refocusing Nike on its core sports business while rebuilding wholesale relationships. While Nike says it remains committed to innovation across physical and digital environments, the sale of RTFKT suggests a far more cautious approach to blockchain-native ventures.
