Nike sold RTFKT… exits NFT business four years after acquisition

JOON HYOUNG LEE

Summary

Nike said it sold NFT platform RTFKT last month.
It said the sale was a decision to refocus the business on the sports sector.
Nike said it ended the RTFKT service last year due to the weak NFT market and class-action lawsuits.

Nike has divested its non-fungible token (NFT) platform business.

On the 7th (local time), U.S. regional outlet OregonLive reported that Nike sold the NFT platform RTFKT last month. OregonLive said, "This sale was made as part of Nike CEO Elliot Hill's second year in office refocusing the business on sports."

Nike acquired RTFKT at the end of 2021 to fully launch a sneaker-based NFT business. However, the NFT market continued to slump, and Nike shut down RTFKT's service in January last year. Some RTFKT users are reportedly pursuing a class-action lawsuit against Nike.