Quick take:
Nike did not disclose the buyer of the unit or the terms of the deal in the December 16 announcement.
In April last year, the sportswear giant was sued by the buyers of its Nike-themed NFTs, who claimed the closure caused the losses.
In August, the company agreed on a settlement against online reseller StockX for allegedly selling counterfeit shoes and unauthorized NFTs.
Nike, the sportswear giant that briefly ventured into the world of digital assets, has quietly sold its NFT subsidiary RTFKT, according to a December 16 announcement cited by The Oregonian. The sale is reportedly part of the new CEO Elliott Hill-led strategy that refocuses on sports and rebuilding partnerships.
The report, titled “The sale of its NFT unit: a new chapter for the company and its community,” did not disclose the buyer or the terms of the deal.
The announcement comes a year after Nike closed the NFT unit. Since it’s closer, the company has battled various challenges related to the digital collectibles business.
In April last year, the sportswear giant was sued by the buyers of its Nike-themed NFTs, who claimed the closure caused the losses. Purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike’s RTFKT unit caused demand for their NFTs to dry up.
In August, the company agreed on a settlement against online reseller StockX for allegedly selling counterfeit shoes and unauthorized NFTs. The two companies agreed to dismiss the case with prejudice, ruling out any changes to refile, with terms of the settlement kept confidential.
Nike bought RTFKT in December 2021 when the NFT craze was at its highest. While the terms of the acquisition were not disclosed at the time, the digital collectibles platform had secured funding at $33 million valuation in May of that year.
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The post Nike Quietly Sells Digital Collectibles Subsidiary RTFKT a Year After Shutting Down the Unit appeared first on NFTgators.
