Nike quietly offloads RTFKT as NFT downturn deepens

cryptonews01-07

Nike quietly sells RTFKT as NFT market cap plunges over 67%, Converse sales slide, and major NFT events and platforms retreat or pivot. Summary Nike sold RTFKT in December 2025 after earlier ...

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Nike acquired RTFKT in 2021, and the unit previously announced it would end its Web3 services in January 2025.\nThe divestiture follows a strategic shift under Chief Executive Officer Elliott Hill, who assumed the role in late 2024. RTFKT was purchased during the tenure of former CEO John Donahoe as part of an expansion into digital sales and virtual products. Hill has redirected the company’s focus toward sports, footwear, and wholesale partnerships during his second year leading the organization.\nAllegations of rugpulls surface after Nike sells RTFKT\nThe RTFKT sale coincides with broader questions about Nike’s portfolio. In December, the company’s Converse brand reported an approximately 30% sales decline in the fourth quarter of 2025, prompting analysts to discuss the possibility of a brand sale, though Nike has not confirmed any such plans.\nNike announced in January 2025 it would close RTFKT after reducing product releases. The company stated at the time it would pause NFT production while continuing collaborations with video game companies on virtual items including in-game wearables.\nThe exit from RTFKT occurs during a sustained downturn in the NFT market. Monthly NFT sales declined significantly in November 2025 and decreased further in December, with the total NFT market capitalization falling more than 67% over the past year, according to market data.\nMajor NFT platforms have adjusted their business models amid the market weakness. OpenSea announced plans to shift from an NFT-exclusive focus to a broader trading model encompassing tokens, collectibles, and physical goods. X2Y2 closed its NFT operations and pivoted to artificial intelligence, while Rarible introduced a new trader reward system after describing previous models as unsustainable.\nIndustry event activity has also declined. Organizers behind NFT Paris and RWA Paris cancelled their February 2026 events on short notice, citing market conditions as the reason for the cancellations.\n\n\n\n\n\n                Read more:\n            \n\n                Kaspa touted as 2026 altcoin standout with PoW BlockDAG edge","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601746068","isCrawlerRequest":true}