Alexandre Arnault Joins Nike Board as Company Winds Down NFT Operations

Nike confirmed the addition of Alexandre Arnault to its board of directors on Wednesday. Arnault, deputy CEO of Moët Hennessy (the wines and spirits division of LVMH) and a holder of a CryptoPunk NFT, arrives at a time when the sportswear giant has recently exited the Web3 space.

Background on Alexandre Arnault

Arnault has a track record of working with high‑profile luxury brands. He previously led RIMOWA, served as executive vice president at Tiffany & Co., and oversaw digital innovation and technology investments for LVMH and the family holding company Agache. His experience also includes stints at McKinsey and KKR, and he currently sits on the LVMH board.

Nike’s Recent Web3 Retreat

In 2021 Nike acquired RTFKT, a digital sneaker studio known for its NFT projects. The studio announced the cessation of its Web3 activities in December 2024, closed a month later, and faced a lawsuit in April 2025 alleging a $5 million rug pull. Nike subsequently sold RTFKT to an undisclosed buyer, keeping the terms private. Since taking over, CEO Elliott Hill has emphasized a shift toward physical products and wholesale partners, reducing focus on speculative digital collectibles.

Market Context

At the time of the board appointment, Nike’s shares closed at $35.78, down 1.21%, near a 12‑year low. The company’s market value has roughly halved over the past year, prompting cost‑cutting measures and the divestiture of its crypto unit.

Why NFT Holders Take Note

Arnault is one of the earliest luxury‑industry figures to adopt crypto assets publicly. He previously turned his CryptoPunk into a diamond pendant for Tiffany & Co., which sold NFT‑linked passes at 30 ETH each in 2022. His presence on Nike’s board may signal renewed interest in integrating digital collectibles with traditional brand strategies, even as overall NFT valuations remain low.