- Nike sued for over $5M in Brooklyn federal court.
- RTFKT NFT buyers claim significant financial losses.
- Shutdown sparks concerns over NFT project stability.
Nike Hit with $5M Lawsuit Following RTFKT Shutdown
Nike is facing major legal trouble after the abrupt shutdown of RTFKT, the NFT brand it acquired in 2021. Buyers of RTFKT’s digital collectibles have filed a lawsuit in Brooklyn federal court, seeking over $5 million in damages.
The plaintiffs argue that Nike failed to uphold its promises and obligations to NFT holders, leading to significant financial losses. The shutdown has left many investors frustrated, feeling abandoned after placing trust and funds into RTFKT’s ecosystem.
NFT Buyers Cite Heavy Losses and Broken Promises
RTFKT had built a strong community around its digital sneakers, avatars, and other blockchain-based assets. However, after Nike’s decision to pull the plug, the value of these NFTs plummeted. Buyers claim they were misled about the long-term support and development of the RTFKT platform.
The lawsuit underscores growing concerns among NFT investors about project sustainability, transparency, and corporate responsibility. With major brands entering the NFT space, buyers are now more cautious about promises made by big companies.
Broader Impact on the NFT Market
Nike’s legal battle could have ripple effects throughout the NFT industry. It raises important questions about what obligations brands have toward their NFT communities.
As the market matures, legal protections and clear commitments will likely become critical factors for future NFT projects. Investors are expected to scrutinize corporate-backed NFTs more closely following this high-profile case.
