Nike just did it. Yes, the athletic footwear and apparel company finally sold off its non-fungible token (NFT) arm, RTFKT. This is a quiet end to an acquisition that once symbolized the company’s ambitious metaverse plans. Related: Are NFTs a Good Investment? NFT popularity on decline NFTs are unique digital assets stored on a blockchain, representing ownership or proof of authenticity for items such as art, music, collectibles, videos, or virtual goods. Unlike cryptocurrencies like Bitcoin (BTC) or E ...

Nike has quietly sold its digital products subsidiary RTFKT, the NFT unit it acquired during the 2021 crypto boom, as the sportswear giant’s Converse brand reported a 30% drop in quarterly sales last December. The sale, effective December 16, marks Nike’s definitive exit from blockchain-based collectibles and signals a strategic retreat to its core athletic performance business under the new leadership of CEO Elliott Hill. The sportswear giant had previously announced plans last year to end its non-fung ...