Nike: RTFKT, a subsidiary dedicated to Web3 & NFTs acquired in 2021, to "wind down operations"

Nike is "winding down" the operations of RTFKT, its subsidiary dedicated to Web3 activities and NFTs, with effect from January 2025, announced the American equipment manufacturer on 02/12/2024.

The brand had acquired the British start-up, valued at the time at $33m (€29.3m), in December 2021. As part of its Web3 strategy, the group also became one of the first to launch its own metaverse, "Nikeland", hosted on the Roblox multiplayer video game, in November of the same year. At the time, Nike was chaired by American John Donahoe, who was replaced as CEO by his compatriot Elliott Hill on 14/10/2024.

RTFKT specialised in publishing NFTs bearing the effigy of fashion items, including several Nike models. "Since our inception, RTFKT has been at the forefront of digital culture, pioneering the fusion of sneaker culture, gaming, digital fashion and Web3 technology. To honour and preserve this pioneering legacy, we will be launching an updated website that showcases the groundbreaking work that defined the RTFKT journey," said the startup.