Nike Sells RTFKT Digital Brand After Closing Operations

Nike has completed the sale of its virtual sneaker subsidiary RTFKT to an undisclosed buyer following a strategic shift to refocus on core sports products.The transaction occurred on December 17 after new Chief Executive Officer Elliott Hill announced plans to wind down the digital brand’s operations.Nike originally acquired the company in 2021 during the NFT market peak but recently faced the loss of co-founder Benoit Pagotto.