Nike has completed the sale of NFT and virtual shoes.

Nike quietly sold its NFT subsidiary RTFKT in December. This sale represents a strategic shift for the brand in the realm of digital collectibles.

The sale coincided with a broad downturn in the NFT market. Many large players are moving towards downsizing their operations.

Nike's decision to divest is seen as a step in line with CEO Elliott Hill's strategy to focus on the core sports business and wholesale partnerships.