Nike Inc. is shutting down its digital sneaker division RTFKT as the world’s largest athletic-wear company realigns priorities under a new chief executive officer.

Nike's RTFKT, which makes virtual collectibles, including sneakers, on Monday announced it will cease operations by the end of January. A Nike RTFKT shoe was part of a recent sneaker exhibit at the Portland Art Museum. “Future Now: Virtual Sneakers to Cutting-Edge Kicks,” co-organized by the American Federation of Arts and the Bata Shoe Museum

Nike is officially shutting down its virtual sneaker and fashion brand RTFKT. According to CEO Elliot Hill, Nike is recalibrating and reassessing its priorities as it moves into its next chapter of digital innovation.

The virtual sneaker and fashion brand RTFKT will wind down its operations by January 2025 as Nike restructures under new CEO Elliott Hill. However, despite the closure, the brand’s Ethereum tokens will remain accessible to the public.

RTFKT, the Web3 brand that Nike acquired in 2021, will wind down operations, transitioning into an archive showcasing designs created for the platform.

Nike, an American athletic footwear and apparel company renowned for its sneaker, has announced plans to exit the NFT market in January 2025.

In December 2021, Nike announced its arrival in the Web3 space with the purchase of crypto fashion brand RTFKT. Three years later, however, the project is nearing its end, with RTFKT (pronounced “artifact”) announcing on X that it will be ceasing operations next month.

Nike x RTFKT Cryptokicks Nike is shutting down Rtfkt, its metaverse fashion company known for digital sneakers and NFTs. In January