Nike has quietly exited one of its most high-profile Web3 experiments, selling its digital fashion and collectibles subsidiary RTFKT in December 2025, according to a report by OregonLive.
The sale comes roughly a year after RTFKT announced it would shut down its Web3 services, marking a subdued end to a venture that once symbolized Nike’s ambitions in the metaverse and NFT space.
Nike acquired RTFKT in late 2021 at the height of the NFT boom, positioning the studio as a cornerstone of its digital strategy. RTFKT gained attention for its virtual sneakers, NFT drops, and collaborations that blended gaming, fashion, and blockchain technology.
However, as the broader crypto and NFT markets cooled, RTFKT said in early 2025 that it would wind down its Web3 operations, signaling challenges in sustaining demand and commercial momentum.
Nike did not disclose the buyer or financial terms of the sale, and the company has not issued a detailed public statement on the transaction. The quiet divestment suggests that Nike is moving on from experimental digital initiatives that no longer align with its near-term priorities.
The sale took place under the leadership of Nike’s second-year CEO Elliott Hill, who has been refocusing the company on its core sports business. This includes rebuilding relationships with wholesale partners such as Dick’s Sporting Goods and Foot Locker, after years of emphasizing direct-to-consumer sales.
The move also comes amid broader questions about Nike’s portfolio. Its Converse brand reported a 30% drop in quarterly sales in December 2025, prompting analysts at BNP Paribas to publicly question whether Nike might eventually consider selling the unit.
While Nike has not indicated plans to divest Converse, the RTFKT sale underscores a strategic shift away from non-core ventures. For industry observers, it highlights how quickly corporate enthusiasm for Web3 has faded, as major brands reassess digital experiments against profitability, focus, and long-term brand strategy.