Key Highlights
- Nike completed the sale of RTFKT in December, but did not disclose the buyer or deal terms.
- RTFKT was shut down in 2024 despite generating over $1.5 billion in NFT trading volume.
- The sale reflects Nike’s reduced focus on NFTs amid a broader slowdown in the digital collectibles market.
Nike has sold RTFKT, its digital collectibles and NFT-focused subsidiary, to an unnamed buyer, according to multiple media reports. The sale was completed in mid-December 2025, roughly one year after the sportswear company announced it would shut down the business.
“RTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community,” a Nike spokesperson told Bloomberg. The Oregonian first reported the development.
Nike did not disclose the buyer or the financial terms of the deal. The company has also not clarified whether the new owner plans to relaunch operations or maintain RTFKT as an active brand.
RTFKT’s website and official social media channels currently make no reference to the sale. There have been no public announcements from the new owner.
Sale comes a year after RTFKT was shut down
RTFKT announced plans to wind down operations in late 2024. In a post at the time, the team said it would stop producing new non-fungible tokens (NFTs) and instead create an archive website documenting the project’s work and history.
The archive was positioned as a way to preserve what the team described as “everything we created, forged, and built together.”
A “Next Chapter FAQ” published on the RTFKT website refers only to this archive. It states that “website content will reflect the history of past RTFKT Creator contributions and challenges.” The page does not mention a sale, new ownership, or future operations. Nike separately confirmed that the transaction became effective on December 16.
“Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments,” the company said in a statement.
RTFKT’s rise during the NFT boom
RTFKT was founded in 2020 as an independent digital studio working on virtual sneakers and blockchain-based collectibles. It gained attention quickly during the NFT boom and became one of the more visible brands in the space.
Nike acquired RTFKT in late 2021, at a time when interest in NFTs was at its peak. The company did not disclose the purchase price, but the deal was widely seen as a strong signal of Nike’s interest in digital collectibles.
After the acquisition, RTFKT released several NFT collections and worked with creators including sneaker designer Jeff Staple and Japanese artist Takashi Murakami. It also launched CloneX, a profile-picture NFT series that became the project’s best-known and most actively traded collection.
Data shows that trading volume across RTFKT collections has reached about $1.5 billion, with CloneX accounting for most of that activity.
Even after operations were shut down, RTFKT continues to rank among the most commercially successful NFT projects to emerge from the market’s early growth period. Data from DeFiLlama shows the project ranks ninth among NFT projects by lifetime earnings, with more than $49 million generated from token sales and royalties.
Nike’s digital push under former CEO
Nike bought RTFKT when John Donahoe was CEO. During his time, he focused on direct-to-consumer sales and digital growth. He also put a lot of emphasis on technology, like e-commerce, apps, and other digital products.
RTFKT was part of that strategy, positioned as a bridge between physical sneakers and digital ownership. The project experimented with virtual wearables, token-gated access, and preorder systems tied to NFT ownership.
“RTFKT revolutionized the sneaker industry by introducing an innovative production model alongside Nike,” the project’s website states. “By merging digital design capabilities with traditional manufacturing, they created a groundbreaking preorder system that transformed how sneakers are produced and delivered.”
Donahoe stepped down as CEO in 2024.
Strategic shift under Elliott Hill
Nike’s current CEO, Elliott Hill, took over in 2024 and has focused on returning the company to its core sports business. The Oregonian reported that Hill is working to strengthen Nike’s presence in physical retail and rebuild relationships with wholesale partners, including Dick’s Sporting Goods and Foot Locker.
The sale of RTFKT comes as part of this broader shift away from experimental digital ventures. It also comes amid speculation around other parts of Nike’s portfolio. In December, Converse reported a 30% decline in quarterly sales, prompting a BNP Paribas investment analyst to question whether Nike might consider selling the brand. Nike has not indicated any plans to do so.
Wider NFT market pullback
Nike’s decision to move on from RTFKT comes as the NFT market continues to slow down. Trading activity across most major NFT platforms is far lower than it was during the 2021 boom.
Earlier this year, NFT marketplace X2Y2 said it would shut down its operations, pointing to a long-term drop in user activity and trading volumes. NFT Paris, once one of the industry’s largest conferences, also confirmed that its 2026 event has been canceled.
Before announcing RTFKT’s shutdown, Nike said it would pause NFT production while continuing partnerships with video game companies to develop virtual products, including in-game wearables.
Lawsuit filed by investors
RTFKT’s shutdown later led to legal action in the United States. In April 2025, a class-action lawsuit was filed in Brooklyn, New York, by investors who said they lost more than $5 million after Nike decided to close the project.
The lawsuit claims that the decision to shut down RTFKT caused a sharp drop in the value of NFTs linked to the brand. The case is still ongoing.
Unclear future under new ownership
Nike has described the sale of RTFKT as a “new chapter,” but there has been no public communication outlining what that chapter will involve. There is no announced roadmap, no confirmation of staff retention, and no indication of whether new products will be launched.
For now, RTFKT exists primarily as an archived brand with a new owner whose plans remain undisclosed.
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