Nike (NKE) discreetly bought RTFKT, its once-high-profile digital merchandise and non-fungible token (NFT) subsidiary, roughly a yr after shutting down the enterprise, in keeping with The Oregonian.
The sale happened on Dec. 16, in keeping with the report, citing a Nike assertion through which the worldwide sportswear model referred to as the sale of its NFT unit “a brand new chapter for the corporate and its group.” Nike didn’t disclose the customer or monetary phrases of the deal and didn’t instantly reply to CoinDesk’s request for remark.
The retrenchment has prolonged past Nike, because the broader NFT sector continues to contract from its main increase again in 2021. NFT market X2Y2 introduced it could sundown operations following a pointy decline in buying and selling volumes, whereas NFT Paris, as soon as one of many trade’s flagship conferences, additionally introduced it canceled its 2026 occasion.
“Nike continues to spend money on delivering progressive merchandise and experiences throughout bodily, digital and digital environments,” Nike stated within the assertion, in keeping with the report
Nike acquired RTFKT, pronounced “artifact,” in late 2021 on the peak of the NFT increase, because the sportswear large expanded into digital collectibles, digital sneakers and blockchain-based merchandise. The studio rapidly grew to become some of the distinguished manufacturers within the NFT house, collaborating with artists and releasing digital sneakers that at instances bought for hundreds of {dollars}.
In late 2024, Nike introduced plans to shutter RTFKT’s operations in late 2024 in an X submit , citing a pullback from NFTs whereas persevering with to pursue digital and digital merchandise via partnerships with online game firms. The shutdown sparked a class-action lawsuit filed in Brooklyn, New York in April 2025, with buyers alleging they suffered important losses and damages of greater than $5 million.
The divestment comes below Nike’s CEO Elliott Hill, who took over in 2024 and has been refocusing Nike on its core sports activities enterprise and rebuilding wholesale partnerships.
