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Footwear conglomerate Nike has quietly offloaded RTFKT, the digital collectibles studio it acquired at the height of the non-fungible token (NFT) boom, according to a report by The Oregonian.
The transaction reportedly happened in December, though neither the buyer nor the financial terms have been disclosed. The quiet exit happened almost a year after Nike announced that it was shutting down its RTFKT subsidiary.
Nike has not publicly confirmed the sale, saying only in a brief statement published by The Oregonian that the transaction marked a new chapter for RTFKT and its community. The company said that it continues to invest in digital experiences, mentioning partnerships with gaming platforms.
The reported sale signals an end to one of the most high-profile corporate NFT experiments of the previous cycle and marks Nike’s exit from a project once positioned as a cornerstone of its Web3 strategy.
From metaverse ambitions to NFT shutdown
Nike acquired RTFKT in December 2021, describing the studio as a way to serve athletes and creators at the intersection of sports, gaming and culture.
The project rose to prominence in the space for its NFT-based virtual sneakers, digital 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 future digital experiences, positioning the tokens as more than just static collections.
Still, as market conditions turned sour, Nike announced that it would stop RTFKT’s operations. This led to a class-action lawsuit from investors accusing the company of performing a “rug pull.” In April, NFT holders alleged that the sunsetting of RTFKT operations wiped out the value of the digital assets they held.
The lawsuit sought $5 million in damages, alleging that Nike’s branding and marketing were central to the perceived value of the NFTs.
Related: Flow details December exploit that led to $3.9M in losses due to counterfeit tokens
A corporate retreat amid a wilting NFT market
Nike’s reported exit from RTFKT comes against a sharply contracting NFT market. NFT trading volumes in 2025 fell significantly compared to their 2021 peaks, with buyers shifting their focus from speculation toward utility, culture and real-world use cases.
Last year, NFT supply continued to increase even as overall market sales fell by 37% year-over-year, pushing the market toward a high-volume, low-price dynamic. The sector’s market capitalization also compressed, declining from $17 billion in 2022 to $2.4 billion by the end of 2025.
The downturn forced platforms and brands to reassess their NFT strategies. On Tuesday, the organizers of NFT Paris, one of the most prominent NFT-focused conferences, canceled the event, saying in a statement that the market’s collapse hindered their ability to hold it.
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