Nike quietly sells NFT unit as digital collectibles slump

Nike sold its NFT subsidiary RTFKT on December 16, 2025, as it moves away from digital collectibles amid a broader downturn in the NFT market.

RTFKT, acquired in 2021 during the NFT boom, produced virtual sneakers and digital art before Nike announced plans to close the unit in late 2024.

Nike did not disclose the buyer or financial details.

The move aligns with CEO Elliott Hill’s strategy to refocus on Nike’s core sports business and wholesale partnerships.

The NFT sector has seen similar exits, with X2Y2 announcing its closure and NFT Paris canceling its 2026 event.

Nike also faces a class-action lawsuit filed in April 2025 over investor losses tied to RTFKT’s shutdown.

🔗 Source: CoinDesk

🧠 Food for thought

Implications, context, and why it matters.

The Non-Fungible Token (NFT) market capitalization fell about 72% from $92 billion to $25 billion by 2025. That drop likely hit RTFKT’s value before the December 16, 2025 sale 1 2.
Nike did not name a buyer or terms. The outcome looks opaque. That matches a wider slump as X2Y2 shut down and OpenSea is a major NFT marketplace that pivoted to “trade everything” 3.
An April 2025 proposed class action seeks at least $5 million from purchasers named in the complaint. That legal risk may have pushed a quick sale even on poor terms. The filing alleges consumer protection violations in several states 4.

Bids surfaced right after the closure news. One account tied to Pudgy Penguins, a well-known NFT collection, offered $10 million 5. Buyers want intellectual property and development teams from failed ventures.
Game studios can buy tech and design talent, then plug items in as cosmetics 2. Nike still runs virtual item work with video game companies even as it exits blockchain collectibles 2.
Web3 infrastructure operators (companies that build blockchain-based back-end services) can merge authentication systems and smart contracts (self-executing code running on blockchains) from closed platforms. They could power loyalty programs or creator tools 1. The aim shifts blockchain from speculative collectibles to useful apps with steadier revenue 1.