Rich by Coin

Nike has sold its NFT subsidiary RTFKT. Deal terms and the buyer’s identity were not disclosed. RTFKT ownership transferred to a new owner on December 17, 2025. The sale is read as signaling Nike’s retreat from the aggressive Web3 strategy it pursued during the NFT boom of 2021.

RTFKT had risen as a symbol of digital fashion through virtual sneakers and the Clone X digital avatar project, but market shifts and profitability constraints led to its closure in December 2024. At the time, Nike’s new CEO, Elliott Hill, stated the aim to focus on the core sports business and wholesale partnerships, explaining the decision to end the RTFKT venture. The sale goes beyond routine subsidiary restructuring, underscoring that digital experiments in the fashion industry do not guarantee results from technology adoption alone. NFTs can rally brand fandom, but liquidity crunch, regulatory uncertainty, and a weakened link to real-world purchasing journeys can impede long-term commercialization.

Investors have pushed back, with a class-action lawsuit progressing regarding the RTFKT shutdown. Plaintiffs claim violations of consumer protection laws in several states, including New York, California, Florida, and Oregon, seeking more than $5 million in damages.

Nike has divested its NFT subsidiary RTFKT, with deal terms and the buyer’s identity undisclosed. Ownership transferred on December 17, 2025. The move is widely read as a signal that Nike is retreating from the aggressive Web3 strategy it pursued during the NFT boom of 2021.

RTFKT had risen as a digital fashion icon through virtual sneakers and the Clone X project, but rapid shifts in the market and profitability constraints led to its closure in December 2024. At the time, Nike’s new CEO emphasized focusing on core sports business and wholesale partnerships, explaining the decision to end RTFKT. The sale goes beyond routine corporate restructuring and underscores a broader lesson for the fashion industry’s digital experiments: technology adoption alone does not guarantee outcomes.

NFTs can rally brand fan communities, but liquidity collapses, regulatory uncertainty, and the disconnect from real-world purchases can hinder long-term commercialization. Investors have pushed back, with a group filing a class-action lawsuit alleging Nike exaggerated RTFKT NFT values using its brand and marketing influence, and that the abrupt shutdown caused damages. Plaintiffs claim violations of consumer protection laws in several states including New York, California, Florida, and Oregon, seeking more than $5 million in damages.