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Nike Exits NFT Market Amid Investor Lawsuit After RTFKT Sale

Nike Exits NFT Market Amid Investor Lawsuit After RTFKT Sale

Author:

Global Cryptocurrency

Published:

2026-01-07 18:26:02

23

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BTCCSquare news:

Nike has quietly divested RTFKT, its Web3-focused subsidiary acquired during the 2021 NFT boom, marking a strategic retreat from digital assets. The sale follows a 90% collapse in the NFT market capitalization from $17 billion to $2.4 billion since 2022.

Investors have filed suit against Nike, alleging the company devalued RTFKT's NFT collections—some of which once traded above $10,000 per unit—through mismanagement. The sportswear giant now refocuses on physical products under CEO Elliott Hill's leadership, abandoning earlier promises of immersive Web3 experiences.

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