Nike has parted ways with RTFKT, the virtual sneaker brand they acquired during the 2021 NFT boom. Last month, Nike quietly sold off RTFKT, marking an end to their virtual ventures. The transition occurred on December 17, signaling a fresh start for RTFKT and its community. Details of the sale, including the buyer and terms, remain undisclosed, as reported by The Oregonian.
RTFKT was acquired by Nike at a time when NFTs were all the rage. However, operations had been cooling off for some time. In December 2024, with Elliott Hill stepping in as Nike’s CEO, the focus shifted back to core sports offerings. Subsequently, RTFKT announced its plans to cease operations. Hill’s leadership aims to realign Nike’s priorities, distancing from experimental projects like RTFKT.
This strategic sale of RTFKT follows the unfortunate passing of the brand’s co-founder, Benoit Pagotto. His visionary work on virtual fashion left a notable impact, though the brand now closes its doors. The broader implications for Nike highlight a turning point as they streamline operations under Hill’s guidance.
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