Nike has quietly stepped back from one of its boldest Web3 experiments. The sportswear giant sold digital products studio RTFKT in December 2025, about a year after first signaling that the business would be shut down. The deal officially took effect on December 16, but the buyer and price were not disclosed, according to industry reports.
RTFKT was originally acquired by Nike in 2021 at the height of NFT hype, during the tenure of then-CEO John Donahoe. The move was meant to expand Nike’s presence in virtual goods, gaming wearables, and digital collectibles. However, the company’s strategy has shifted sharply under current CEO Elliott Hill, who took over in late 2024 and has since pushed Nike back toward its core strengths: sports performance, footwear, and wholesale partners.
RTFKT had already announced earlier that it would end Web3 services in January 2025, and Nike said at the time it would pause NFT launches but continue collaborations with gaming companies around virtual wearables. That stance has now turned into a full exit from the RTFKT business altogether.
The timing of the sale comes as Nike’s broader portfolio faces scrutiny. Its Converse division reported an approximately 30% drop in fourth-quarter 2025 sales, sparking speculation among analysts about whether Nike might sell or reshape more brands. Nike has not confirmed any additional divestment plans.
Meanwhile, the NFT market that once fueled RTFKT’s rise is experiencing one of its harshest pullbacks yet. Over the past year, total NFT market capitalization has plunged more than 67%, with monthly sales slipping sharply in both November and December 2025. That decline has pushed major platforms and event organizers to rethink their strategies or withdraw entirely.
Marketplace shifts have been especially visible. OpenSea has begun moving away from being purely NFT-focused and is transitioning toward trading tokens, collectibles, and even physical goods. X2Y2 has shut down its NFT services and pivoted to artificial intelligence, while Rarible has launched a new trader reward program after acknowledging previous incentive models were not sustainable.
The downturn has also hit the event circuit. NFT Paris and RWA Paris — both scheduled for February 2026 — were cancelled at short notice, with organizers citing current market conditions as the deciding factor.
With the sale of RTFKT complete, Nike’s brief Web3 chapter appears to be closing. The company is now doubling down on traditional categories while the NFT sector continues to search for its next phase after a dramatic comedown from its earlier boom.
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