Nike quietly offloads RTFKT as NFT downturn deepens

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 announcing it would end Web3 services and pause NFT drops while keeping gaming wearables.
• The exit comes as Converse posts a 30% Q4 2025 sales drop and analysts speculate about further portfolio cuts Nike has not confirmed.
• NFT market cap has fallen more than 67% in a year, pushing platforms like OpenSea, X2Y2, and Rarible to pivot and as events like NFT Paris are canceled.

Nike Inc. sold its digital products unit RTFKT in December 2025, approximately one year after announcing plans to shut down the business, according to industry reports.

The sale became effective Dec. 16, though the buyer’s identity and financial terms were not disclosed. Nike acquired RTFKT in 2021, and the unit previously announced it would end its Web3 services in January 2025.

The 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.

Allegations of rugpulls surface after Nike sells RTFKT

The 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.

Nike 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.

The 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.

Major 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.

Industry 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.