Nike, the footwear giant, has discreetly sold RTFKT, the digital collectibles studio it bought during the height of the NFT boom, as reported by The Oregonian.
The deal reportedly occurred in December, though details about the buyer and financial specifics remain undisclosed. This quiet exit comes nearly a year after Nike declared it would shut down its RTFKT subsidiary.
Nike has not verified the sale publicly, only stating in a brief comment to The Oregonian that the transaction signifies a fresh chapter for RTFKT and its community. The company emphasized its ongoing investment in digital experiences, including partnerships with gaming platforms.
The reported sale indicates a conclusion to one of the most prominent corporate NFT ventures from the previous cycle and marks Nike’s departure from a project that was once seen as a cornerstone of its Web3 strategy.
From metaverse ambitions to NFT shutdown
Nike acquired RTFKT in December 2021, portraying the studio as a means to engage athletes and creators at the crossroads of sports, gaming, and culture.
The project gained prominence for its NFT-based virtual sneakers, digital wearables, and collaborations that merged streetwear aesthetics with blockchain technology.
At its height, NFTs traded for thousands of dollars, with holders promised quests, challenges, and future digital experiences, positioning the tokens beyond just static collections.
However, as market conditions worsened, Nike announced the cessation of RTFKT operations. This resulted in a class-action lawsuit from investors who accused the company of executing a “rug pull.” In April, NFT holders claimed that the abrupt end of RTFKT operations annihilated the value of their digital assets.
The lawsuit sought $5 million in damages, asserting that Nike’s branding and marketing were pivotal to the perceived value of the NFTs.
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A corporate retreat amid a wilting NFT market
Nike’s reported departure from RTFKT aligns with a sharply contracting NFT market. NFT trading volumes in 2025 significantly decreased from their 2021 peaks, as buyers shifted their focus toward utility, culture, and real-world applications.
Last year, NFT supply continued to rise while overall market sales plummeted by 37% year-over-year, pushing the market toward a dynamic of high-volume, low-price transactions. The sector’s market capitalization also diminished, falling from $17 billion in 2022 to $2.4 billion by the end of 2025.
The downturn compelled platforms and brands to reevaluate their NFT strategies. On Jan. 6, the organizers of NFT Paris, a leading NFT-focused conference, canceled the event, stating that the market’s collapse impeded their ability to host it.
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