Nike quietly sells RTFKT: Why is a leading brand abandoning Web3?

Question

【Crypto World】Nike quietly offloaded its digital asset company. According to industry sources, the sports giant completed the sale of RTFKT last month, but the buyer’s identity and specific transaction details have not been disclosed to the public.

RTFKT is actually a digital product company that Nike acquired at a high price in 2021, and it once gained some fame in the NFT and virtual goods space. However, the good times didn’t last long; the company announced that it would completely shut down its Web3 services by January 2025. From acquisition to sale, the turnaround was quite swift.

This incident actually reflects the true attitude of many leading brands towards Web3—initial enthusiasm has now cooled down. RTFKT’s experience is not an isolated case; the entire NFT market has been cooling off over the past two years, and many brands are re-evaluating their investments in this area. Some say it’s a bubble burst, while others believe it’s just a return to rationality. In my opinion, at least it shows that monetizing digital products remains a challenge.

MetaverseHermit · Accepted Answer

Honestly, Nike's recent moves are a bit awkward. They hyped it up so much initially, and now they're dropping it so quickly.

Entering the market fast, exiting even faster—typical big brand mistake where the trial-and-error costs are all shifted to retail investors.

NFTs have been really cold these past two years. If it's not a bubble, then what is it?

It's pretty funny that buyers want to stay anonymous; maybe they just don't want anyone to know.

Web3 is no longer a story that can be continued. Big companies should go home and have dinner.

Forget it, forget it. Just focus on making sports shoes. Don't bother with these virtual things.

RTFKT went from being a star to a discarded pawn in just a few years. It looked like it was rising high, and now it’s collapsing.

DYORMaster · Answer

Basically, it's throwing money in and wasting it; this wave of NFTs really can't be played.

CryptoMom · Answer

Nike's recent move is a classic example of cutting losses... They hyped it up so much at the beginning, and now they’re running away just as fast.

Such a money-losing venture, RTFKT should have been cut long ago.

Another Web3 dream shattered, and this time it’s a big brand.

This is what happens when you try to ride on everything, but end up with nothing.

Oh my God, another big company has run away, where are my NFTs?

They sold in less than a year, and now they’re just playing Kuaishou here...

Nobody wants to do a losing deal, see, this is the real picture of Web3.

The so-called metaverse concept stocks, they just cut and cut, it’s pointless.

Web3ExplorerLin · Answer

hypothesis: nike just pulled off the ultimate oracle pivot—turns out the bridge between luxury retail and on-chain identity wasn't as decentralized as we thought, ngl...

GateUser-74b10196 · Answer

Nike's move is so typical. They hyped it up so much back then and now are quietly selling off. The big company's Web3 dream is just shattered like that.

GhostAddressMiner · Answer

Buyer's identity not disclosed? Haha, just check on the chain and it's done; the flow of funds can't be hidden.

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In 2021, bought at high prices, then immediately sold off. Nike's move is a pure cut of the leek script.

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From passionate dream-making to quiet disposal, is this the story of top brands' Web3 journey? Been seen through long ago.

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No one dares to say who the buyer is; there must be a story behind this transaction. Sleeping wallets should wake up.

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RTFKT's move is just a microcosm of the entire NFT bubble; no one can escape.

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The key is, how much is that "high-priced acquisition" worth now in ? On-chain data has long made it clear.

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The real attitude of Web3 is: make quick money and leave, don’t ask us where we’re going.

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Just a few years, from darling to being sold off. Even Bitcoin hasn't experienced such a rollercoaster.

Nike quietly sells RTFKT: Why is a leading brand abandoning Web3?

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