Core Insights - Nike has sold its digital products subsidiary RTFKT, marking its exit from blockchain-based collectibles and a strategic shift back to its core athletic performance business under new CEO Elliott Hill [1][3][4] - The sale was effective December 16, coinciding with a reported 30% drop in quarterly sales for Nike's Converse brand [1][3] - Nike had previously announced plans to end its NFT operations and blockchain initiatives [2] Group 1: RTFKT Acquisition and Sale - RTFKT was acquired by Nike in 2021 during the NFT boom, aimed at expanding Nike's presence in collectibles and metaverse markets [3] - The sale of RTFKT is described as "launching a new chapter" for Nike, while still allowing for potential future digital initiatives [4] - The buyer's identity and financial details of the sale remain undisclosed, but speculation suggests the buyer may be a significant player in the digital assets space [5] Group 2: Market Reaction and Legal Issues - Following the sale announcement, RTFKT tokens surged by over 270%, indicating market optimism about the potential revival of NFTs under new ownership [5] - Nike is facing legal challenges related to its exit from digital collectibles, with a proposed class action lawsuit filed by purchasers of Nike-themed NFTs seeking at least $5 million in damages [6][7] - The lead plaintiff claims that Nike's abrupt decision to shut down RTFKT devalued the NFTs without adequate notice or compensation [7]

Cryptocurrency & NFT Integration - The Sandbox's $SAND token can now be used on OpenSea to purchase LAND, Avatars, and NFTs across Web3 [1] - This integration allows users to utilize $SAND for various digital asset acquisitions within the OpenSea marketplace [1] Web3 & Metaverse - The integration strengthens the utility of $SAND within the broader Web3 ecosystem [1] - Users can now leverage $SAND to engage with and invest in virtual LAND, avatars, and other NFTs [1]