This photo provided by Nike shows an aerial view of its world headquarters in Beaverton in 2021.

A company that Nike purchased in 2021 as part of its move into the metaverse announced on Monday that it’s ceasing operations.

RTFKT, pronounced “Artifact,” announced on X that it will “wind down” by the end of January. The company makes digital collectibles, including virtual sneakers.

“Looking back, we’re incredibly proud of everything we’ve achieved together,” RTFKT said in the post on X, noting that it made the first digital sneakers that could be turned into physical products.

One of the Nike RTFKT shoes was part of a recent sneaker exhibition at the Portland Art Museum.

It’s unclear what the announcement means for Nike’s digital product efforts. The company still appears to be developing some virtual products, recently announcing its latest partnership with the video game Fortnite.

A Nike spokesperson did not immediately return an email and phone call.

The RTFKT announcement comes shortly after new CEO Elliott Hill started work. While Hill hasn’t spoken publicly about his plans, recent company announcements suggest a return to a more traditional Nike playbook focused on athletes and sports.

Since Hill started work, Nike has announced new heads of human resources, sports marketing and legal. Hill is expected to make his first public comments as Nike CEO when the company reports earnings on Dec. 19.