Nike Sells NFT and Virtual Sneaker Collection as Digital Art Market Interest Wanes

Sportswear giant Nike has reportedly sold its collection of non-fungible tokens (NFTs) and virtual sneakers. This move comes amid a broader cooling of interest and declining activity within the digital art and collectibles market. The sale highlights the challenges major brands face in sustaining long-term engagement in the volatile Web3 space. While Nike was an early corporate adopter of NFT technology, the current market downturn has prompted a strategic divestment of these digital assets. Industry analysts view this as a sign of the market's maturation and a shift in focus from speculative digital collectibles to more utility-driven blockchain applications.