Companies

Nike quietly offloads its NFT business

Jan 12, 2026 United States

The sportswear company finalised the sale of its virtual sneaker subsidiary, RTFKT, to an undisclosed buyer at the end of 2025, quietly marking its exit from the blockchain-based collectibles market

On December 2025, Nike quietly sold RTFKT, its digital products subsidiary and NFT unit, to an undisclosed buyer. This signals Nike’s definitive exit from blockchain-based collectibles, marking a strategic retreat to its core athletic performance business and wholesale partnerships under the leadership of new CEO Elliott Hill.

The transaction also follows a period of legal scrutiny. In April 2025, Nike faced a class-action lawsuit from investors who claimed that closing RTFKT’s Web3 services was a “rug pull” that reduced the value of their digital assets significantly.

RTFKT was acquired by Nike in 2021 during the boom in NFTs and the digital world in 2020-21, under the leadership of John Donahoe, the company’s former CEO. During his time in charge, the company prioritised direct and digital sales channels, investing heavily in emerging technologies and virtual consumer experiences.

However, the company is currently facing broader challenges, including a substantial revenue decline at Converse and ongoing weakness in Greater China, as well as increased competition from new athletic footwear brands capturing market share.

Although Nike claims that it will continue to form select virtual partnerships with gaming companies, the sale of RTFKT signals a clear shift away from blockchain-based consumer products in favour of its sports-first strategy.

Image Credits: unchainedcrypto.com

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