Nike quietly sold its NFT subsidiary RTFKT on December 16, 2024, marking the sportswear giant’s complete exit from blockchain-based collectibles. The move came as Converse posted a 30% revenue drop, signaling a strategic shift under CEO Elliott Hill back toward core athletic performance products. Nike confirmed the sale in a brief statement, calling it “a new chapter for the company and its community,” but did not disclose who bought the studio or how much was paid.
According to Nike’s announcement, the company plans to continue investing in delivering innovative products and experiences across physical, digital and virtual environments. The December sale occurred roughly a year after Nike first announced plans to shut down RTFKT’s operations, with the studio saying it would wind down by the end of January 2025. Nike acquired RTFKT in December 2021 during the NFT and metaverse boom; RTFKT was founded in January 2020 by Benoit Pagotto, Chris Le, and Steven Vasilev. The startup had raised $8 million in funding led by Andreessen Horowitz and was valued at $33.3 million at the time of the acquisition.
RTFKT produced digital sneakers and collectibles that traded as non-fungible tokens on the Ethereum blockchain, with some virtual sneakers selling for over $80,000. The CloneX NFT avatars, created with artist Takashi Murakami, generated over $100 million in sales within two months of launch. RTFKT also released Cryptokicks iRL, physical smart sneakers featuring auto-lacing technology, customizable lights, and wireless charging, blending digital ownership with real-world products. The sale reflects a broader change in Nike’s direction under Hill, who became CEO on October 14, 2024, and has pursued a Win Now strategy focusing on five pillars—culture, product innovation, marketing, marketplace balance, and in-person experiences.
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