Nike is reportedly selling its NFT unit as demand for digital collectibles remains weak. The company has announced plans to close the unit in late 2024. RTFKT, acquired in 2021 during the NFT boom, produced virtual sneakers and digital art. The unit’s closure by late 2024 marks the end of Nike’s NFT push.
The move comes as the broader NFT market struggles to gain traction and digital collectibles face a sustained downturn. Nike’s decision underscores the ongoing challenge of turning NFT projects into lasting business lines. The closure also reflects a broader industry slowdown as brands reassess their digital collectibles bets.
The market for digital collectibles has cooled significantly, pressuring NFT initiatives across brands. Nike’s exit highlights a shift toward more prudent investments in experiential and utility-focused digital projects within the sports and fashion sectors.
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