Nike offloads RTFKT months after investor lawsuit: Report

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Footwear conglomerate Nike has softly offloaded RTFKT, the integer collectibles workplace it acquired astatine the tallness of the non-fungible token (NFT) boom, according to a study by The Oregonian.

The transaction reportedly happened successful December, though neither the purchaser nor the fiscal presumption person been disclosed. The quiescent exit happened astir a twelvemonth aft Nike announced that it was shutting down its RTFKT subsidiary.

Nike has not publically confirmed the sale, saying lone successful a little connection published by The Oregonian that the transaction marked a caller section for RTFKT and its community. The institution said that it continues to put successful integer experiences, mentioning partnerships with gaming platforms.

The reported merchantability signals an ending to 1 of the astir high-profile firm NFT experiments of the erstwhile rhythm and marks Nike’s exit from a task erstwhile positioned arsenic a cornerstone of its Web3 strategy.

From metaverse ambitions to NFT shutdown

Nike acquired RTFKT successful December 2021, describing the workplace arsenic a mode to service athletes and creators astatine the intersection of sports, gaming, and culture.

The task roseate to prominence successful the abstraction for its NFT-based virtual sneakers, integer wearables, and collaborations that blended streetwear aesthetics with blockchain technology.

At its peak, the NFTs traded for thousands of dollars. Holders were promised quests, challenges, and aboriginal integer experiences, positioning the tokens arsenic much than conscionable static collections.

However, arsenic marketplace conditions turned sour, Nike announced that it would halt RTFKT’s operations. This led to a class-action suit from investors accusing the institution of performing a “rug pull.” In April, NFT holders alleged that the sunsetting of RTFKT operations wiped retired the worth of the integer assets they held.

The suit sought $5 cardinal successful damages, alleging that Nike’s branding and selling were cardinal to the perceived worth of the NFTs.

A firm retreat amid a wilting NFT market

Nike’s reported exit from RTFKT comes against a sharply contracting NFT market. NFT trading volumes successful 2025 fell importantly compared to their 2021 peaks, with buyers shifting their absorption from speculation toward utility, civilization and real-world usage cases.

Last year, NFT proviso continued to emergence adjacent arsenic the wide marketplace income fell by 37% year-over-year, pushing the marketplace toward a high-volume, low-price dynamic. The sector’s marketplace capitalization besides compressed, declining from $17 cardinal successful 2022 to $2.4 cardinal by the extremity of 2025.

The downturn forced platforms and brands to reassess their NFT strategies. On Jan. 6, the organizers of NFT Paris, 1 of the astir salient NFT-focused conferences, canceled the event, saying successful a connection that the market’s illness hindered their quality to clasp the event.