Nike Sells NFT Subsidiary RTFKT One Year After Shuttering Unit

Nike Inc. sold its digital products subsidiary, RTFKT, pronounced “artifact,” marking the world’s largest athletic-wear company’s retreat from blockchain collectibles roughly one year after shuttering the business.

The sale comes as the Nike retreats from its engagement with digital collectibles and blockchain-based products, which peaked with its acquisition of the company. Nike declined to release terms of the transaction or identify the buyer.

“RTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community,” a spokesperson for Beaverton, Oregon-based Nike said in a statement on Wednesday. “Nike continues to invest in delivering ...