Nike Quietly Sells RTFKT After Closing NFT Studio

Nike Withdraws from NFT Market

Nike has quietly sold RTFKT, the digital collectibles studio it acquired during the NFT boom, according to a report by The Oregonian. The transaction reportedly took place in December, although details regarding the buyer or financial terms have not been disclosed. This stealth exit comes nearly a year after Nike announced the closure of its RTFKT subsidiary. The company has not publicly confirmed the sale, stating only in a brief statement that the transaction marks a new chapter for RTFKT and its community.

RTFKT was established to serve athletes and creators at the intersection of sports, gaming, and culture. At its peak, NFTs were traded for thousands of dollars, promising insights into future missions and digital experiences. However, amid a declining market, Nike decided to cease RTFKT's operations, leading to a class-action lawsuit from investors who accused the company of a "rug pull." In April, NFT holders claimed that the closure of RTFKT resulted in the loss of value for the digital assets they possessed.

The report on Nike's exit from RTFKT coincides with a sharp decline in the NFT market, which has significantly deteriorated compared to its peaks in 2021. Last year, the supply of NFTs continued to grow even as market sales dropped by 37%, leading to a scenario of high volume and low prices. In this context, the brand was compelled to reevaluate its NFT strategies.