Nike (NKE) has cautiously sold off its once high-profile digital product and non-fungible token (NFT) subsidiary RTFKT, about a year after shutting down the business, The Oregonian reports.
The report quoted a statement from Nike saying that the sale took place on December 16. The global sportswear brand said that the sale of its NFT unit “opens a new chapter for the company and its community.” Nike did not disclose the buyer or financial terms of the deal and did not immediately respond to CoinDesk’s request for comment.
As the broader NFT industry continues to shrink from its major boom in 2021, the tightening has extended beyond Nike. NFT market X2Y2 announced that it would cease operations after a sharp drop in trading volume, while NFT Paris, once one of the industry’s flagship conferences, also announced that it would cancel its 2026 event.
“Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments,” Nike reportedly said in a statement.
Nike acquired RTFKT in late 2021 at the height of the NFT craze, and the sportswear giant expanded into digital collectibles, virtual sneakers and blockchain-based products. The studio quickly became one of the most prominent names in the NFT space, collaborating with artists and releasing digital sneakers that sometimes sell for thousands of dollars.
In late 2024, Nike announced in an The closure triggered a class-action lawsuit filed in Brooklyn, New York, in April 2025, with investors claiming they suffered significant losses and damages in excess of $5 million.
The divestment is being overseen by Nike CEO Elliott Hill, who takes over in 2024 and has been refocusing Nike on its core sports business and rebuilding wholesale partnerships.
