Nike Quietly Sells Digital Subsidiary RTFKT, Web3 Services to End

Nike Sells Digital Subsidiary RTFKT

According to The Oregonian, Nike quietly completed the sale of its digital subsidiary RTFKT last month. Details of the deal, including the buyer’s identity and financial terms, remain undisclosed.

Future Direction of RTFKT

Earlier this year, RTFKT announced plans to cease its Web3-related operations by January 2025. This move signals a significant shift in the company’s strategic focus, which was once centered on digital fashion and virtual products.

A Look Back at the Acquisition

RTFKT was initially acquired by Nike in 2021, seen as a major step into the metaverse and digital fashion space. However, this recent sale indicates that Nike is re-evaluating its approach to digital assets.