Nike (NKE) has discreetly sold its once-high-profile digital products and non-fungible token (NFT) subsidiary, RTFKT, about a year after shutting down the business, according to The Oregonian.
The sale took place on December 16, according to the report, which cited a statement from Nike in which the global sportswear brand called the sale of the NFT units “a new chapter for the company and its community.” Nike did not disclose the buyer or the financial terms of the deal, and did not immediately respond to CoinDesk’s request for comment.
The layoffs extend beyond Nike as the broader NFT sector continues to shrink from the big boom of 2021. NFT marketplace X2Y2 announced it would cease operations after a sharp drop in trading volume, and NFT Paris, once one of the industry’s flagship conferences, announced it would cancel its 2026 event.
“Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments,” Nike said in a statement, according to the report.
Nike acquired RTFKT (pronounced “artifact”) in late 2021 at the height of the NFT boom, as the sportswear giant expanded into digital collectibles, virtual sneakers and blockchain-based products. The studio quickly became one of the most prominent brands in the NFT space, collaborating with artists and releasing digital sneakers that sometimes sell for thousands of dollars.
In late 2024, Nike announced plans to shut down RTFKT operations in late 2024 at XPost, citing a withdrawal from NFTs, while continuing to pursue digital and virtual products through partnerships with video game companies. The closure led to a class action lawsuit filed in April 2025 in Brooklyn, New York, alleging investors suffered significant losses and damages of more than $5 million.
The sale comes under Nike CEO Elliott Hill, who will take over in 2024 to refocus the company’s core sports business and rebuild wholesale partnerships.
