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A few years back, the NFT digital art phenomenon took the world by storm. A host of celebrities and online influencers hopped on the bandwagon, while numerous groups, companies, and individuals jumped into the fray. However, the landscape has since undergone a dramatic shift. According to foreign media reports, at the end of last month, Nike made the announcement that it would sell its NFT business subsidiary, RTFKT, marking its official exit from the 'digital sneaker' market. Nike had acquired RTFKT in 2021, with the ambition of accelerating its digital transformation and strengthening its foothold in the virtual product arena. Yet, as the NFT market experienced a steep decline, the demand for and pricing power of the RTFKT platform waned, compelling Nike to ultimately opt to divest the subsidiary.
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