The world's leading athletic footwear giant has officially divested RTFKT, its digital collectibles arm, marking a significant pullback from the blockchain space. The move comes roughly a year after the company suspended operations in this division, signaling a broader cooling in corporate enthusiasm around NFTs and on-chain assets.

RTFKT—pronounced "artifact"—once represented Nike's ambitious foray into Web3, but the venture ultimately couldn't sustain momentum in the volatile digital collectibles market. This exit reflects a pattern we're seeing across major corporations: initial enthusiasm for blockchain-based products giving way to more cautious, wait-and-see approaches.

The timing is noteworthy for anyone tracking institutional adoption of crypto infrastructure. While some brands doubled down on Web3 integration, Nike's calculated retreat suggests companies are reassessing how—and whether—blockchain actually adds value to their core business models.