Nike Inc. sold its digital products subsidiary, RTFKT, pronounced “artifact,” marking the world’s largest athletic-wear company’s retreat from blockchain collectibles roughly one year after shuttering the business.
Nike
The sale comes as the Nike retreats from its engagement with digital collectibles and blockchain-based products, which peaked with its acquisition of the company. Nike declined to release terms of the transaction or identify the buyer.
“RTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community,” a spokesperson for Beaverton, Oregon-based Nike said in a statement on Wednesday. “Nike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments.”
Nike had agreed to purchase the virtual collectibles company during the height of the NFT craze for an undisclosed sum in 2021. At the time, Nike said it was part of a plan “to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.”
In December 2024, Nike announced that it would close RTFKT shortly after new Chief Executive Officer Elliott Hill expressed his goal to refocus the company on its core sports business and its partnerships with wholesale companies.
