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Nike has discreetly sold its digital collectibles subsidiary, RTFKT, approximately one year after ceasing its operations. The divestment signals a retreat from the volatile NFT market, which has seen significant contraction since its 2021 boom. While financial terms remain undisclosed, the move aligns with CEO Elliott Hill’s strategy to refocus Nike on its core sports business and fortify wholesale partnerships. Nike has completed the sale of its once-high-profile digital products and non-fungible token (NFT) subsidiary, RTFKT.
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The transaction, which occurred around December 16, marks a significant retrenchment for the sportswear giant from the digital art space, roughly one year after the business operations were halted. Nike stated the sale represents “a new chapter for the company and its community,” emphasizing its continued commitment to innovation across physical, digital, and virtual environments. Nike did not disclose the buyer or the financial details of the RTFKT sale. The divestment occurs as the broader NFT sector continues its sharp decline from the speculative highs of 2021.
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Trading volumes on NFT marketplaces have plummeted, and major industry conferences have seen diminished participation. Nike had heavily invested in RTFKT during the NFT boom, establishing a prominent brand presence with digital sneakers fetching thousands of dollars. However, a strategic pivot away from NFTs was signaled when plans to shutter RTFKT’s operations were announced, with a stated intention to pursue digital and virtual products through collaborations with video game developers. Nike has discreetly completed the sale of RTFKT, its digital collectibles subsidiary, about a year after operations were halted.
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The divestment signals a retreat from the volatile NFT market, which has contracted since the 2021 boom. Financial terms were not disclosed, aligning with Nike’s plan to refocus on its core sports business and strengthen wholesale partnerships. The sale marks a retrenchment from Nike’s once-high-profile digital products and NFT arm. The transaction occurred around December 16 and underscores a new chapter for the company and its community, with Nike emphasizing ongoing commitment to innovation across physical, digital, and virtual environments.
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Buyer and financial terms were not disclosed. The NFT sector has continued its decline from the speculative highs of 2021, with trading volumes down and major conferences seeing lower participation. Nike’s investments in RTFKT helped establish a prominent brand presence with digital sneakers fetching thousands of dollars, but a pivot away from NFTs was signaled when plans to shutter RTFKT’s operations were announced, with the aim of pursuing digital and virtual products through collaborations with video game developers.
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