Nike has officially pulled the ultimate "building in bear market" reverse card, discreetly dumping its NFT studio RTFKT in December—nearly twelve months to the day after announcing the division's demise. The sneaker behemoth snatched up RTFKT during the 2021 NFT mania's glorious peak, only to discover that virtual flexing apparently doesn't pay the bills when JPEG prices crater harder than a poorly coded stablecoin.
The mystery buyer and financial details remain as opaque as a privacy coin transaction, which tracks perfectly for corporations executing the classic "exit scam lite" maneuver without attracting unwanted regulatory attention. Nike's press release delivered the expected corporate copium: the divestiture represents "a new chapter for the company and its community," while they'll keep "investing in digital experiences" through gaming collabs. Right. And I'm sure the metaverse headquarters is under construction next to Bitcoin's moonbase.
RTFKT once rode the digital wave like a true degen, minting NFT-based pixel sneakers and blockchain hoodies that collectors gleefully purchased for Lambo money. Remember when digital fashion was going to revolutionize everything? The project dangled quests, gamification, and actual utility beyond overpriced PNGs—until reality hit like a 99% drawdown and suddenly "utility" meant holding worthless tokens.
When Nike dropped the RTFKT shutdown bombshell last year, it didn't just disappoint diamond-handed bagholders—it triggered a full-blown class-action lawsuit straight out of the degen playbook. Investors alleged the classic rug pull scenario, claiming the sudden closure vaporized their NFT valuations faster than leverage trading on a volatile memecoin. The $5 million lawsuit argues Nike's brand power was the primary driver of perceived asset value, which checks out—without the swoosh, these were just expensive pixels with extra steps. Some NFTs even started glitching post-announcement, because nothing says "professional exit" like technical failures that scream "we've stopped caring."
This strategic retreat arrives amid the broader NFT market's magnificent implosion, where trading volumes have evaporated like liquidity in a dead Uniswap pool. Overall sales cratered 37% year-over-year, while the market cap nosedived from $17 billion in 2022 to a pathetic $2.4 billion by 2025's close. Even NFT Paris—the space's premier cope conference—just canceled its event, officially acknowledging the market's "collapse" with the subtlety of a margin call notification.
The timing aligns beautifully with Nike's own financial headaches, including a brutal 30% plunge in Converse quarterly sales that probably made executives nostalgic for the simple days of selling physical footwear. Under fresh CEO Elliott Hill's leadership, the company appears to be reallocating resources toward its core business—you know, actual shoes that humans can wear without needing a crypto wallet and a vivid imagination.
RTFKT tokens somehow pumped 270% on the sale rumor, because crypto markets adore nothing more than resurrection hopium for projects that should probably stay buried. Former Nike exec Jarlan Perez delivered the cryptic tweet equivalent of "soon™," noting the buyer "will reveal themselves whenever they are ready," hinting that some brave soul might attempt to reanimate this particular NFT corpse.
For now, Nike joins the distinguished roster of corporate giants who FOMO'd into Web3, got absolutely rekt, and quietly retreated to the safety of traditional business models—the crypto equivalent of deleting your trading app after a particularly brutal liquidation.
