Nike quietly sells RTFKT after closing NFT Studio

Footwear conglomerate Nike has quietly taken down RTFKT, a digital collector studio, at the height of the non-fungible token (NFT) boom, The Oregonian reports.

The transaction was reportedly completed in December, although neither the buyer nor the financial terms were disclosed. The silence comes almost a year after Nike announced the closure of its RTFKT branch.

While Nike did not officially confirm the sale, it said in a press release in Oregon that the transaction marks a new chapter for RTFKT and the community. The company said it continues to invest in digital experiences, citing partnerships with gaming platforms.

The reported sale marks the end of one of the most high-profile corporate NFT experiments of the past cycle, and marks Nike's exit from a project that was once a cornerstone of its Web3 strategy.

From changing wishes to closing NFT

Nike acquired RTFKT in December 2021, describing the studio as a way to serve athletes and creators at the intersection of sports, gaming and culture.

The project became popular in the collaboration space, combining the aesthetics of NFT-based virtual sneakers, digital wearables and streetwear with blockchain technology.

At their peak, NFTs traded for thousands of dollars. The missions, challenges, and future digital experiences they hold are promised, keeping the tokens as permanent collections only.

Still, as market conditions turned sour, Nike announced that it would end RTFKT operations. This led to accusations from investors that the company engaged in “carpet pulling”. In April, NFT holders alleged that RTFKT's operations had destroyed the value of their digital assets at sunset.

The lawsuit seeks $5 million in damages, alleging that Nike's branding and marketing were central to the NFTs' speculation.

RELATED: Flow details $3.9M loss in fake tokens due to December exploit

Corporate retreat in the middle of the NFT market

Nike's report that RTFKT's exit will conflict with the NFT market. In the year In 2025, NFT trading has declined significantly from its peak in 2021, with buyers shifting their focus from speculation to utility, culture, and real-world use cases.

Last year, while overall market sales fell by 37% year-over-year, the supply of NFTs continues to increase, making the market more volatile with high volumes and low prices. The sector's market capitalization is also shrinking from $17 billion in 2022 to $2.4 billion by the end of 2025.

The downturn has forced platforms and brands to re-evaluate their NFT strategies. On Tuesday, organizers of NFT Paris canceled the event, one of the world's largest NFT-focused conferences, saying the market downturn had hampered their ability to hold it.

Magazine: Digital Art ‘Ages Like Fine Wine': In Flamingo DAO's 9-Digit NFT Collection