Nike quits NFTs and Web3 after reportedly selling RTFKT
Nike has reportedly sold RTFKT, its digital products subsidiary, in December and is proceeding with a previously announced closure of its NFT division by the end of January. The company disclosed last year that it would discontinue non-fungible token efforts and other blockchain-related initiatives; the RTFKT sale appears to finalize that shift away from Web3 ventures.
The exit is notable because Nike was one of the highest-profile consumer brands experimenting with NFTs and digital collectibles. Its withdrawal may cool corporate appetite for Web3 experiments and raise questions for creators, collectors and partners who built projects tied to brand-backed ecosystems. For the broader market, the move underscores that mainstream adoption by major brands remains uncertain and that strategic retrenchment is a possible outcome when ROI and long-term alignment are unclear.