What to know : Nike quietly sold its NFT subsidiary RTFKT in December, marking a strategic shift from its digital collectibles venture. The sale comes amid a broader contraction in the NFT market, with other major players also scaling back operations. Nike's divestment aligns with CEO Elliott Hill's focus on core sports business and wholesale partnerships.
Nike (NKE) discreetly sold RTFKT, its once-high-profile digital products and non-fungible token (NFT) subsidiary, roughly a year after shutting down the business, according to The Oregonian.
The sale took place on Dec. 16, according to the report, citing a Nike statement in which the global sportswear brand called the sale of its NFT unit “a new chapter for the company and its community.” Nike did not disclose the buyer or financial terms of the deal and did not immediately respond to CoinDesk’s request for comment.
The retrenchment has extended beyond Nike, as the broader NFT sector continues to contract from its major boom back in 2021. NFT marketplace X2Y2 announced it would sunset operations following a sharp decline in trading volumes, while NFT Paris, once one of the industry’s flagship conferences, also announced it canceled its 2026 event.
“Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments,” Nike said in the statement, according to the report
Nike acquired RTFKT, pronounced “artifact,” in late 2021 at the height of the NFT boom, as the sportswear giant expanded into digital collectibles, virtual sneakers and blockchain-based products. The studio quickly became one of the most prominent brands in the NFT space, collaborating with artists and releasing digital sneakers that at times sold for thousands of dollars.
In late 2024, Nike announced plans to shutter RTFKT’s operations in late 2024 in an X post , citing a pullback from NFTs while continuing to pursue digital and virtual products through partnerships with video game companies. The shutdown sparked a class-action lawsuit filed in Brooklyn, New York in April 2025, with investors alleging they suffered significant losses and damages of more than $5 million.
The divestment comes under Nike's CEO Elliott Hill, who took over in 2024 and has been refocusing Nike on its core sports business and rebuilding wholesale partnerships.
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