Sneaker giant Nike (NKE) has sold its RTFKT digital products and non-fungible token (NFT) subsidiary, citing a lack of demand among consumers.
The sale took place on Dec. 16, according to media reports. Nike has not disclosed the buyer or financial terms of the sale.
Nike’s sale of the NFT business comes amid a broader decline in the market for non-fungible tokens, often referred to as digital art.
An NFT is a unique digital asset on a blockchain that proves ownership and authenticity. It is a collectible that comes with a digital certificate that can't be copied, replaced, or subdivided.
The market for NFTs boomed in 2021 but has since crashed.
Nike had acquired RTFKT, pronounced “artifact,” in late 2021 during the NFT boom as the company expanded into digital collectibles, virtual sneakers, and blockchain products.
The sneaker and athletic apparel company became one of the most prominent brands in the NFT space, releasing digital sneakers that sold for thousands of dollars.
But in late 2024, Nike announced plans to shutter RTFKT, citing a pullback in the NFT market and lack of demand among consumers.
The shutdown of RTFKT led to a class-action lawsuit filed in New York in April 2025, with investors claiming they suffered damages of more than $5 million U.S.
The divestment comes under Nike CEO Elliott Hill, who took over in 2024 and has been refocusing the company on its core sports business.
NKE stock has declined 9% over the past 12 months to trade at $65.35 U.S. per share.
