Nike sells RTFKT, signaling a shift in NFT strategy
- Nike sold its NFT subsidiary RTFKT on December 16, following its shutdown announced in late 2024.
- The sale was described as “a new chapter for the company and its community,” but financial terms were not disclosed.
- RTFKT was acquired in late 2021 during the NFT boom and became known for digital sneakers that sold for thousands of dollars.
- The broader NFT market has seen significant contraction since its peak, with platforms like X2Y2 ceasing operations due to declining trading volumes.
- Nike’s decision comes under CEO Elliott Hill, who has been refocusing the brand on core sports business and partnerships.
The divestment of RTFKT reflects Nike’s strategic retreat from NFTs amid a declining market, which has led to significant operational changes across the industry.
With this sale, Nike is pivoting away from digital collectibles after acquiring RTFKT at the height of the NFT boom in late 2021. This move follows a trend of decreased interest in digital art and collectibles within the sector.
