Nike quietly says goodbye to NFT arm

Core Insights - Nike has sold its non-fungible token (NFT) arm, RTFKT, marking the end of an acquisition that represented the company's ambitious metaverse plans [1] NFT Market Overview - NFTs are unique digital assets on a blockchain, representing ownership of items like art and collectibles, gaining mainstream popularity in 2021 [2] - The popularity of NFTs has declined due to market saturation, falling resale values, and reduced speculative interest, alongside issues like scams and environmental concerns [3] RTFKT and Nike's Strategy - RTFKT was a digital fashion and collectibles studio that specialized in NFTs and virtual wearables, founded in 2020 and acquired by Nike in 2021 as part of its metaverse strategy [4] - RTFKT played a significant role in Nike's Web3 strategy, launching virtual sneakers and avatars before the subsidiary was ultimately shut down and sold [5] Shift in Company Focus - Nike's decision to sell RTFKT followed its 2023 move to shut down the subsidiary, with current CEO Elliott Hill refocusing the company on core sports performance and rebuilding relationships with major wholesale partners [6] - The sale of RTFKT became effective on December 16, marking a new chapter for the company [7]