Nike Quietly Sells RTFKT After Shutting Down Web3 Operations
Nike sold its digital subsidiary RTFKT, marking a retreat from the Non-Fungible Token market as leadership refocuses on core sports retail.
Quick Take
Summary is AI generated, newsroom reviewed.
Nike sold RTFKT on December 16, 2025, to an undisclosed buyer.
The move follows a year-long wind-down of Nike's Web3 operations.
CEO Elliott Hill is prioritizing core sports and wholesale partnerships.
Converse sales fell 30% in Q2, adding to broader business pressure.
Nike has quietly sold RTFKT. Its digital products unit focused on NFTs and virtual sneakers. The sale happened in December 2025. According to OregonLive, the company didn’t share who bought RTFKT. It also did not reveal the price or deal terms. The company only said the sale took effect on December 16.
This move comes about a year after. RTFKT said it would shut down its Web3 services in January 2025. Nike bought RTFKT in 2021 to explore NFTs. Including virtual fashion and digital items for games and online worlds. But that plan did not last.
Why Nike Stepped Back From Web3
The sale fits into a wider shift inside Nike. The company is now led by CEO Elliott Hill. Since taking charge, he has pushed Nike to focus more on sports products and core retail. The company is also working to rebuild ties with wholesale partners like Dick’s Sporting Goods and Foot Locker. These partnerships had weakened during earlier years. When Nike focused more on digital and direct sales.
RTFKT was bought under a previous CEO. That earlier strategy leaned heavily into digital growth and online experiments. Under the new leadership, Nike appears less interested in running its own Web3 studio.
Digital Projects Are Not Fully Gone
Even after selling RTFKT, Nike has not fully left digital spaces. The company stopped making new NFTs through RTFKT. Still it continues some virtual projects with game makers. Nike has active partnerships with Fortnite and EA Sports. These deals focus on in-game items and virtual wearables. But they are smaller in scale compared to the earlier NFT plans. This shows the company is choosing a lighter approach. It wants exposure to digital worlds. But without owning a full Web3 business.
Lawsuit and Wider Business Pressure
The shutdown of RTFKT also led to legal trouble. An investor filed a lawsuit against Nike. The claim says the company hurt the value of virtual sneakers by closing the unit. The lawsuit describes the move as a “rug pull.” The company asked the court to dismiss the case in December.
Yet, Nike faces other challenges. Its Converse brand noted a 30% drop in quarterly sales in December 2025. This decline has raised questions about future changes inside Nike’s brand portfolio. Overall, the quiet sale of RTFKT signals a clear shift. Nike is stepping back from bold Web3 bets. The company is returning its focus to sports, retail partners and simpler digital tie-ins.
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