Nike Quietly Dumped NFT Arm RTFKT: Report

Group 1 - Nike sold its digital products unit RTFKT in December 2025, focusing back on core sports products after shutting down the business [1] - The sale was effective on December 16, 2025, but the buyer and financial terms have not been disclosed [1] - RTFKT was acquired by Nike in 2021 under former CEO John Donahoe, but the strategy shifted under new CEO Elliott Hill, who has redirected focus towards sports and footwear [2] Group 2 - The sale of RTFKT coincides with a 30% sales drop in Nike's Converse brand reported in Q4 2025, raising questions about other parts of Nike's portfolio [3] - Nike announced the shutdown of RTFKT in January 2025 due to slowing active drops, pausing NFT production while continuing collaborations with video game firms [3] - The NFT market is experiencing a slump, with monthly sales dropping to $320 million in November 2025 and a total market cap of approximately $2.78 billion, down over 67% in the past year [4] Group 3 - Major NFT platforms are adapting to market weakness, with OpenSea shifting focus from NFTs to a broader trading model, and X2Y2 shutting down its NFT operations [5] - Event activity related to NFTs has cooled, with recent cancellations of planned events like NFT Paris and RWA Paris due to market conditions [5]