In a significant development within the cryptocurrency and NFT landscape, Nike has discreetly divested RTFKT, the digital collectibles studio it acquired during the NFT boom. Reports from The Oregonian indicate that the sale took place in December, although details regarding the buyer and financial arrangements remain undisclosed.
This sale comes nearly a year after Nike announced the closure of its RTFKT subsidiary, a move that marks the end of one of the most visible corporate experiments in the NFT space. A brief statement from Nike acknowledged the transaction as a “new chapter” for RTFKT and its community, while the company maintains its commitment to investing in digital experiences, including partnerships with gaming platforms.
The acquisition of RTFKT by Nike in December 2021 was initially framed as a strategic move to engage with athletes and creators at the crossroads of sports, gaming, and culture. The studio gained traction for its innovative NFT-based virtual sneakers and digital wearables, which combined streetwear aesthetics with blockchain technology. At its peak, these NFTs commanded prices in the thousands of dollars, offering holders unique experiences through quests and challenges.
However, the narrative shifted dramatically as market conditions deteriorated. Nike”s decision to halt RTFKT”s operations led to a class-action lawsuit from investors who accused the company of executing a “rug pull.” The lawsuit, filed in April, claimed that the discontinuation of RTFKT”s activities significantly diminished the value of the digital assets owned by investors, seeking $5 million in damages based on the assertion that Nike”s branding was integral to the perceived worth of the NFTs.
The backdrop of this sale underscores a broader contraction in the NFT market, which has seen trading volumes decline sharply since their peak in 2021. As buyers increasingly prioritize utility and cultural significance over speculation, the NFT sector”s market capitalization plummeted from $17 billion in 2022 to $2.4 billion by the end of 2025. This downturn has compelled many brands and platforms to reevaluate their NFT strategies.
Moreover, the cancellation of NFT Paris, a leading conference in the NFT domain, further highlights the challenges facing the industry as organizers attributed the decision to the market”s collapse, which hindered their ability to execute the event effectively.
As Nike transitions away from RTFKT, the implications for the NFT market and corporate involvement in digital assets will be closely scrutinized, marking a pivotal moment in the ongoing evolution of blockchain technology and its applications.
