Nike has quietly sold its digital products subsidiary RTFKT, the NFT unit it acquired during the 2021 crypto boom, as the sportswear giant’s Converse brand reportedNike has quietly sold its digital products subsidiary RTFKT, the NFT unit it acquired during the 2021 crypto boom, as the sportswear giant’s Converse brand reported

Nike Quietly Dumps NFT Unit RTFKT as Converse Revenue Drops 30%

Nike has quietly sold its digital products subsidiary RTFKT, the NFT unit it acquired during the 2021 crypto boom, as the sportswear giant’s Converse brand reported a 30% drop in quarterly sales last December.

The sale, effective December 16, marks Nike’s definitive exit from blockchain-based collectibles and signals a strategic retreat to its core athletic performance business under the new leadership of CEO Elliott Hill.

The sportswear giant had previously announced plans last year to end its non-fungible token (NFT) operations and other blockchain-based initiatives.

Nike Dumps NFT and Metaverse Ambitions

RTFKT was acquired by Nike in 2021 under then-CEO John Donahoe, who prioritized direct and digital sales channels during his tenure, betting heavily on emerging technologies and virtual consumer experiences.

The acquisition was designed to expand Nike’s presence in collectibles and metaverse markets during the 2020-2021 NFT and digital worlds bubble, when virtual sneakers and avatars commanded premium prices from collectors and crypto enthusiasts.

In a brief statement, Nike said the RTFKT sale was “launching a new chapter for the company and its community,” adding that it “continues to invest in delivering innovative products and experiences across physical, digital and virtual environments.”

The carefully worded announcement left room for continued digital initiatives while distancing the company from its blockchain experiments.

Terms of the RTFKT sale, including the buyer’s identity and financial details, were not disclosed.

When asked who purchased the unit, Jarlan Perez, Yuga Labs Design Director and former Nike and Google executive, responded cryptically:

“That’s up to them to reveal themselves whenever they are ready,” suggesting the buyer may be a prominent player in the digital assets space.

Despite the uncertain future, RTFKT tokens surged by over 270% following reports of the sale, sparking speculation that new ownership could revive the “lost glory” of NFTs.

Nike faces mounting legal pressure over its abrupt departure from digital collectibles, complicating what was already a challenging strategic pivot.

Some purchasers of Nike-themed NFTs and other crypto assets filed a proposed class action lawsuit in Brooklyn federal court last April, seeking damages of at least $5 million for what they characterize as an abandonment of promised digital ecosystems.

Lead plaintiff Jagdeep Cheema, an Australian investor, claims that Nike’s abrupt decision to shut down RTFKT wiped out the NFTs’ value without adequate notice or compensation.

The lawsuit alleges violations of consumer protection laws in New York, California, Florida, and Oregon, with buyers complaining the company pulled the plug without warning or transition plans.

Some NFTs stopped displaying images correctly after the shutdown announcement, compounding concerns that the assets would no longer be supported or maintained.

The technical failures intensified backlash from collectors who had invested substantial sums based on Nike’s reputation and implied commitment to the digital space.

The broader NFT market has collapsed since its April 2022 peak, with over $12 billion wiped from its market cap according to Coingecko data.

Nike RTFKT NFT - CoinGecko ChartSource: Coingecko

The market now struggles to generate $4 million in daily sales volume, a dramatic fall from the substantial sums RTFKT sneakers, hoodies, and Clone X

avatars commanded during the last crypto summer when digital collectibles were seen as the future of brand engagement.

Nike Refocuses on Athletic Performance

Although the new Nike CEO, Elliott Hill, has not publicly detailed his 2026 strategic plans, the RTFKT sale comes as Nike navigates broader challenges, including Converse’s significant revenue decline and increased competition from emerging athletic footwear brands capturing market share.

While Nike maintains it will continue selective virtual partnerships with gaming companies, the sale of RTFKT is a clear pivot away from blockchain-based consumer products toward its core competencies in physical, performance-driven athletic wear, which built the brand’s global dominance.

Market Opportunity
AINFT Logo
AINFT Price(NFT)
$0.0000003701
$0.0000003701$0.0000003701
+0.05%
USD
AINFT (NFT) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

XRP Price Prediction for January 8

XRP Price Prediction for January 8

The post XRP Price Prediction for January 8 appeared first on Coinpedia Fintech News The broader cryptocurrency market remains mixed, with total market value standing
Share
CoinPedia2026/01/09 01:16
Vitalik Buterin says increasing bandwidth is safer than reducing latency for blockchain scalability

Vitalik Buterin says increasing bandwidth is safer than reducing latency for blockchain scalability

The post Vitalik Buterin says increasing bandwidth is safer than reducing latency for blockchain scalability appeared on BitcoinEthereumNews.com. Ethereum Co-Founder
Share
BitcoinEthereumNews2026/01/09 01:33
Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?

Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?

Whales offload 200 million XRP leaving market uncertainty behind. XRP faces potential collapse as whales drive major price shifts. Is XRP’s future in danger after massive sell-off by whales? XRP’s price has been under intense pressure recently as whales reportedly offloaded a staggering 200 million XRP over the past two weeks. This massive sell-off has raised alarms across the cryptocurrency community, as many wonder if the market is on the brink of collapse or just undergoing a temporary correction. According to crypto analyst Ali (@ali_charts), this surge in whale activity correlates directly with the price fluctuations seen in the past few weeks. XRP experienced a sharp spike in late July and early August, but the price quickly reversed as whales began to sell their holdings in large quantities. The increased volume during this period highlights the intensity of the sell-off, leaving many traders to question the future of XRP’s value. Whales have offloaded around 200 million $XRP in the last two weeks! pic.twitter.com/MiSQPpDwZM — Ali (@ali_charts) September 17, 2025 Also Read: Shiba Inu’s Price Is at a Tipping Point: Will It Break or Crash Soon? Can XRP Recover or Is a Bigger Decline Ahead? As the market absorbs the effects of the whale offload, technical indicators suggest that XRP may be facing a period of consolidation. The Relative Strength Index (RSI), currently sitting at 53.05, signals a neutral market stance, indicating that XRP could move in either direction. This leaves traders uncertain whether the XRP will break above its current resistance levels or continue to fall as more whales sell off their holdings. Source: Tradingview Additionally, the Bollinger Bands, suggest that XRP is nearing the upper limits of its range. This often points to a potential slowdown or pullback in price, further raising concerns about the future direction of the XRP. With the price currently around $3.02, many are questioning whether XRP can regain its footing or if it will continue to decline. The Aftermath of Whale Activity: Is XRP’s Future in Danger? Despite the large sell-off, XRP is not yet showing signs of total collapse. However, the market remains fragile, and the price is likely to remain volatile in the coming days. With whales continuing to influence price movements, many investors are watching closely to see if this trend will reverse or intensify. The coming weeks will be critical for determining whether XRP can stabilize or face further declines. The combination of whale offloading and technical indicators suggest that XRP’s price is at a crossroads. Traders and investors alike are waiting for clear signals to determine if the XRP will bounce back or continue its downward trajectory. Also Read: Metaplanet’s Bold Move: $15M U.S. Subsidiary to Supercharge Bitcoin Strategy The post Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse? appeared first on 36Crypto.
Share
Coinstats2025/09/17 23:42