Nike Exits Rtfkt NFT Brand, Signals Pivot Back to Core Business

Nike sells its Rtfkt NFT brand after winding down its metaverse platform, signaling a pivot back to its core sports business.

Rich by Coin

2026-01-08

Nike, the U.S. sports equipment giant, has announced the sale of its virtual sneaker brand Rtfkt about a year after closing the deal. The terms of the transaction, and the buyer’s identity, have not been disclosed. Nike has progressively reduced its stake in blockchain-based digital collectibles, a sector it had previously shown interest in.

Rtfkt was founded in January 2020 by Benoit Pagotto, Chris Le and Steven Vasilev. The startup traded NFTs in various metaverses.

Nike entered the world of virtual assets (NFTs) with its 2021 acquisition of Rtfkt. In April 2022, Nike launched its first NFT collection—a line of virtual sneakers with different designs. In November 2022, it powered its own metaverse marketplace platform to foster an inclusive digital community for athletes and brand fans, and the platform allowed the products to be collected.

Rtfkt shut down in 2024 after a revamped CEO, Elliott Hill, put a strategy to focus the company on Nike’s core sports business. Nike has since reduced its stake in blockchain-based digital collectibles as the sector cooled.