The sports giant suddenly made a move that shook the Web3 community—offloading the virtual sneaker company RTFKT, which it had acquired for $280 million back in the day. At first glance, this looks like a bombshell dropped on the metaverse track.

It's a bit ironic. In early 2022, when Nike teamed up with RTFKT, the entire industry was cheering and celebrating, saying that traditional sports giants were finally entering the space. The co-branded NFT sneakers sold out immediately upon release, with players rushing to participate, even pushing the Gas fees on a certain blockchain to absurdly high levels. But just over a year later, Nike quietly decided to step back.

What does this move really signify? A closer look reveals a few clues. First, the most practical one—under the winter of capital, traditional brands are finding that NFT monetization is much harder than expected. The initial ambitions and enthusiasm faced cold reality, and the experimental projects that no longer make sense are being cut decisively. This isn’t just Nike’s problem; last year, luxury brands and car manufacturers rushing into the metaverse track are now recalculating their ROI.

More importantly, this signals that the hype around the metaverse might indeed be waning. Remember two years ago when virtual real estate, digital fashion, and blockchain game hits were everywhere? Now, the buzz around these concepts has noticeably cooled. Nike’s withdrawal acts like a fuse, prompting more observers to reconsider the investment logic of this track.

RTFKT’s impressive track record is also worth revisiting. The company once boosted blockchain game popularity with innovative AR sneaker concepts and gained a sizable fanbase within the community. Now that it’s stepping back, will projects relying on this kind of hype also be affected? It’s too early to tell, but a chain reaction is possible.

That said, don’t overstate the situation. The technological foundation and community resources accumulated by RTFKT could actually be an opportunity for new players—those who see value in these core assets might acquire them at a lower cost and innovate anew. Moreover, the impact on teams focused on blockchain game infrastructure and content is limited; after all, waning hype doesn’t mean demand disappears.

On a deeper level, when traditional giants start to cool down their once “future investments,” we should ask ourselves: is this the beginning of a bubble burst, or are they just adjusting their strategies? Maybe both. The metaverse and NFTs have never been black-and-white stories; they are subject to changing hype cycles and capital attitudes. Nike’s move, in a sense, is the most direct reflection of this shift.