Nike has finalized the sale of its digital collectibles subsidiary, RTFKT, in December 2024, approximately one year after shutting down the NFT project. The details regarding the buyer and the financial terms of the transaction have not been disclosed.
According to a spokesperson for Nike, “RTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community.” Reports from various media outlets, including Bloomberg and The Oregonian, have confirmed the sale.
RTFKT was initially established in 2020 as a digital studio focused on virtual sneakers and blockchain-based collectibles. The brand gained significant traction during the NFT boom, generating over $1.5 billion in trading volume. Nike acquired RTFKT in late 2021, capitalizing on the peak interest in NFTs.
Despite the impressive trading figures, Nike announced in late 2024 that RTFKT would cease operations, opting to create an archive website to document its history instead of launching new NFT collections. The archive aimed to encapsulate “everything we created, forged, and built together,” according to the team.
As part of its strategic shift, Nike under CEO Elliott Hill is refocusing on its core sports business. The sale of RTFKT reflects a broader trend away from experimental digital initiatives as Nike seeks to strengthen its physical retail presence and rebuild relationships with wholesale partners.
The NFT market has experienced a significant slowdown since its peak in 2021, with many platforms reporting declining user activity. In this context, Nike”s decision to move away from RTFKT aligns with the general retreat from the NFT space.
Legal issues have also arisen following RTFKT”s shutdown, with a class-action lawsuit filed by investors claiming losses exceeding $5 million as a result of the project”s closure.
While Nike has characterized the sale as a “new chapter,” the future direction of RTFKT under new ownership remains uncertain, with no public announcements regarding potential new operations or product launches.
