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Stock #Nike recovered after news that Vietnam is negotiating with the US on tariff issues.
🚨 Nike Faces $5M 'Rug Pull' Lawsuit Over RTFKT NFT Shutdown
🔥 Nike is under fire as a group of investors files a class-action lawsuit in Brooklyn federal court, alleging the company hyped its RTFKT NFT project to attract investment — only to abruptly shut down the platform, causing significant financial losses.
⚖️ The lawsuit claims damages exceeding $5 million, highlighting growing legal risks in the intersection of major brands and Web3 initiatives.
#Nike #NFTs #Crypto #Web3 #Blockchain
🔥 Nike is under fire as a group of investors files a class-action lawsuit in Brooklyn federal court, alleging the company hyped its RTFKT NFT project to attract investment — only to abruptly shut down the platform, causing significant financial losses.
⚖️ The lawsuit claims damages exceeding $5 million, highlighting growing legal risks in the intersection of major brands and Web3 initiatives.
#Nike #NFTs #Crypto #Web3 #Blockchain
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Nike Faces Lawsuit Over Closure of Its Cryptocurrency Operations Linked to NFTs
Summary: Nike is facing a lawsuit after shutting down RTFKT's CryptoKicks, a company focused on cryptocurrencies tied to NFTs. A group of NFT holders and investors claims that Nike misrepresented the long-term sustainability of CryptoKicks and failed to deliver the promised products, resulting in financial damages.
Details of the Lawsuit:
Investors have filed a lawsuit against Nike after it terminated its NFT-related operations. The plaintiffs allege that Nike's decision devalued their NFT holdings and violated their contractual obligations. They are seeking damages, accusing Nike of withdrawing from the cryptocurrency market without adequate warning or transition planning.
Nike's Position:
Nike remains silent amid Web 3 community backlash
Nike has not issued an official statement, but industry analysts believe that this move is part of a broader shift for the company away from volatile Web3 projects.
#NIKE #NTF #Web3 #BlockchainNews #CryptoBusiness #Cryptolaw
Summary: Nike is facing a lawsuit after shutting down RTFKT's CryptoKicks, a company focused on cryptocurrencies tied to NFTs. A group of NFT holders and investors claims that Nike misrepresented the long-term sustainability of CryptoKicks and failed to deliver the promised products, resulting in financial damages.
Details of the Lawsuit:
Investors have filed a lawsuit against Nike after it terminated its NFT-related operations. The plaintiffs allege that Nike's decision devalued their NFT holdings and violated their contractual obligations. They are seeking damages, accusing Nike of withdrawing from the cryptocurrency market without adequate warning or transition planning.
Nike's Position:
Nike remains silent amid Web 3 community backlash
Nike has not issued an official statement, but industry analysts believe that this move is part of a broader shift for the company away from volatile Web3 projects.
#NIKE #NTF #Web3 #BlockchainNews #CryptoBusiness #Cryptolaw
#CryptoRegulation2025
Unlocking the Power of Bitcoin Marketing: Strategies with Renowned Brands
As a bitcoin marketer, staying ahead of the curve is crucial in this rapidly evolving industry. With the rise of cryptocurrency, the demand for skilled marketers who understand the intricacies of bitcoin is higher than ever. In this blog, we'll explore how bitcoin marketers can create effective strategies with renowned brands like Nike, Tesla, iPhone, Gucci, Coke, and the music and gaming industries.
#Nike : Leveraging Bitcoin for Exclusive Rewards
Nike, a brand known for innovation, can leverage bitcoin to offer exclusive rewards to customers. By partnering with bitcoin-based platforms, Nike can create a loyalty program that rewards customers with bitcoin for purchasing certain products or achieving specific fitness milestones.
#Tesla : Integrating Bitcoin Payments for Electric Vehicles
Tesla, a pioneer in electric vehicles, can integrate bitcoin payments into their online platform. This would allow customers to purchase Tesla vehicles using bitcoin, providing a seamless and secure payment experience.
#iPhone : Creating Bitcoin-Based Apps for Mobile Payments
Apple, the tech giant behind iPhone, can create bitcoin-based apps for mobile payments. By integrating bitcoin into their mobile payment systems, Apple can provide users with a convenient and secure way to make transactions on-the-go.
#Gucci : Using Bitcoin for Luxury Goods Authentication
Gucci, a luxury fashion brand, can utilize bitcoin to authenticate high-end goods. By creating a blockchain-based system, Gucci can verify the authenticity of luxury items, preventing counterfeiting and ensuring the integrity of their brand.
Coke : Launching Bitcoin-Based Loyalty Programs
Coca-Cola, a global beverage brand, can launch bitcoin-based loyalty programs to reward customers for purchasing their products. By partnering with bitcoin-based platforms, Coke can create a loyalty program that incentivizes customers to continue purchasing their products.
Unlocking the Power of Bitcoin Marketing: Strategies with Renowned Brands
As a bitcoin marketer, staying ahead of the curve is crucial in this rapidly evolving industry. With the rise of cryptocurrency, the demand for skilled marketers who understand the intricacies of bitcoin is higher than ever. In this blog, we'll explore how bitcoin marketers can create effective strategies with renowned brands like Nike, Tesla, iPhone, Gucci, Coke, and the music and gaming industries.
#Nike : Leveraging Bitcoin for Exclusive Rewards
Nike, a brand known for innovation, can leverage bitcoin to offer exclusive rewards to customers. By partnering with bitcoin-based platforms, Nike can create a loyalty program that rewards customers with bitcoin for purchasing certain products or achieving specific fitness milestones.
#Tesla : Integrating Bitcoin Payments for Electric Vehicles
Tesla, a pioneer in electric vehicles, can integrate bitcoin payments into their online platform. This would allow customers to purchase Tesla vehicles using bitcoin, providing a seamless and secure payment experience.
#iPhone : Creating Bitcoin-Based Apps for Mobile Payments
Apple, the tech giant behind iPhone, can create bitcoin-based apps for mobile payments. By integrating bitcoin into their mobile payment systems, Apple can provide users with a convenient and secure way to make transactions on-the-go.
#Gucci : Using Bitcoin for Luxury Goods Authentication
Gucci, a luxury fashion brand, can utilize bitcoin to authenticate high-end goods. By creating a blockchain-based system, Gucci can verify the authenticity of luxury items, preventing counterfeiting and ensuring the integrity of their brand.
Coke : Launching Bitcoin-Based Loyalty Programs
Coca-Cola, a global beverage brand, can launch bitcoin-based loyalty programs to reward customers for purchasing their products. By partnering with bitcoin-based platforms, Coke can create a loyalty program that incentivizes customers to continue purchasing their products.
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🚨【Whale Activity Alert】Full Analysis of Institutional Accumulation in the First Week of February! Follow the Wealth-Building Opportunity!🐳
💥 Key Bottom-Fishing Targets Exposed:
1⃣ Oracle Leader $LINK
- 54 Large Accumulations
- Holding Volume Exceeds 860,000 Coins (Valued at $16.46 Million)
- Institutional Cost Price: Around $18.5
2⃣ Lending King $AAVE
- 25 Large Transactions
- Accumulated 35,000 Coins (Valued at $9.05 Million)
- Institutional Cost Price: $95-100 Range
3⃣ DEX Leader $UNI
- 17 Key Transactions
- Holding Volume Exceeds 650,000 Coins (Estimated Value $6.28 Million)
- Institutional Cost Price: Around $9.6
🔥 Value-Type Asset Allocation:
- $FRAX: 4.87 Million Coins Strategic Reserve (Valued at $4.86 Million)
- $ONDO: 2.75 Million Coins Holding (Valued at $3.74 Million)
- $PEPE: 29.1 Billion Coins Accumulated (Valued at $2.83 Million)
💎 Featured Project Allocation:
- $MKR: 2,256 Coins Strategic Layout (Valued at $2.22 Million)
- $BOLD: 1.87 Million Coins Holding (Valued at $1.86 Million)
- $SPX: 2.02 Million Coins Accumulated (Valued at $1.40 Million)
⚠️ Special Movements:
- $TEST: 101 Million Coins Accumulated in One Week (Valued at $1.83 Million)
- $ENA: 2.63 Million Coins Strategic Investment (Valued at $1.26 Million)
- $LDO: 655,000 Coins Layout (Valued at $1.08 Million)
📊 Data Interpretation:
- Whales Focused on DeFi Sector (LINK/AAVE/UNI)
- Clear Value-Type Asset Allocation (FRAX/ONDO)
- Small Positions in Innovative Projects (SPX/ENA)
🎯 Follow-up Suggestions:
- Prioritize Attention on Heavily Accumulated Targets (LINK/AAVE)
- Gradually Accumulate Value-Type Assets (FRAX/ONDO)
- Small Position Participation in Innovative Projects (ENA/SPX)
💡 Reminder: Whale Accumulation Does Not Equal Immediate Surge, Wait for Right-Side Signals!
💥 Key Bottom-Fishing Targets Exposed:
1⃣ Oracle Leader $LINK
- 54 Large Accumulations
- Holding Volume Exceeds 860,000 Coins (Valued at $16.46 Million)
- Institutional Cost Price: Around $18.5
2⃣ Lending King $AAVE
- 25 Large Transactions
- Accumulated 35,000 Coins (Valued at $9.05 Million)
- Institutional Cost Price: $95-100 Range
3⃣ DEX Leader $UNI
- 17 Key Transactions
- Holding Volume Exceeds 650,000 Coins (Estimated Value $6.28 Million)
- Institutional Cost Price: Around $9.6
🔥 Value-Type Asset Allocation:
- $FRAX: 4.87 Million Coins Strategic Reserve (Valued at $4.86 Million)
- $ONDO: 2.75 Million Coins Holding (Valued at $3.74 Million)
- $PEPE: 29.1 Billion Coins Accumulated (Valued at $2.83 Million)
💎 Featured Project Allocation:
- $MKR: 2,256 Coins Strategic Layout (Valued at $2.22 Million)
- $BOLD: 1.87 Million Coins Holding (Valued at $1.86 Million)
- $SPX: 2.02 Million Coins Accumulated (Valued at $1.40 Million)
⚠️ Special Movements:
- $TEST: 101 Million Coins Accumulated in One Week (Valued at $1.83 Million)
- $ENA: 2.63 Million Coins Strategic Investment (Valued at $1.26 Million)
- $LDO: 655,000 Coins Layout (Valued at $1.08 Million)
📊 Data Interpretation:
- Whales Focused on DeFi Sector (LINK/AAVE/UNI)
- Clear Value-Type Asset Allocation (FRAX/ONDO)
- Small Positions in Innovative Projects (SPX/ENA)
🎯 Follow-up Suggestions:
- Prioritize Attention on Heavily Accumulated Targets (LINK/AAVE)
- Gradually Accumulate Value-Type Assets (FRAX/ONDO)
- Small Position Participation in Innovative Projects (ENA/SPX)
💡 Reminder: Whale Accumulation Does Not Equal Immediate Surge, Wait for Right-Side Signals!
Nike Stock Sinks Over 5% Amid Sales Decline Worries
#NIKE
Key Points:
Nike shares tumble after weak sales forecast
Stock down 60% from its all-time high
Company expects sales to drop significantly due to tariffs and leadership changes
Nike Stock Takes a Hit
Nike (NKE) saw its stock drop over 5% in after-hours trading on Thursday following a gloomy sales outlook. The decline follows a 1.5% dip during regular trading, pushing the stock below $70 and reducing Nike’s market valuation to under $100 billion—its lowest since 2020.
Despite concerns, Nike’s latest earnings report, covering the three months ending in February, exceeded expectations.
Revenue Beats Projections
Quarterly revenue fell 9% to $11.3 billion, surpassing analysts’ forecasts of $11 billion. Earnings per share came in at $0.54, well above Wall Street’s estimate of $0.30. CEO Elliott Hill acknowledged the company’s struggles, stating, “While we met expectations, we’re not satisfied with our overall results. We can and will improve.”
However, Nike faces ongoing pressure to reverse its stock’s downward trend. Over the past year, shares have dropped 28%, and they remain 60% below their 2021 record high.
Tough Road Ahead for Nike
Investor concerns stem largely from Nike’s weak future outlook. CFO Matt Friend warned that tariffs imposed by Donald Trump and internal executive changes could significantly impact sales in the current quarter. Nike expects revenue for the May quarter to decline by a “mid-teens percentage,” exceeding analysts’ projected 12.2% drop to $11 billion.
The sportswear giant, which has the backing of activist investor Bill Ackman with a $1.4 billion stake, now faces the challenge of navigating these headwinds while reassuring shareholders about its long-term prospects.
Key Points:
Nike shares tumble after weak sales forecast
Stock down 60% from its all-time high
Company expects sales to drop significantly due to tariffs and leadership changes
Nike Stock Takes a Hit
Nike (NKE) saw its stock drop over 5% in after-hours trading on Thursday following a gloomy sales outlook. The decline follows a 1.5% dip during regular trading, pushing the stock below $70 and reducing Nike’s market valuation to under $100 billion—its lowest since 2020.
Despite concerns, Nike’s latest earnings report, covering the three months ending in February, exceeded expectations.
Revenue Beats Projections
Quarterly revenue fell 9% to $11.3 billion, surpassing analysts’ forecasts of $11 billion. Earnings per share came in at $0.54, well above Wall Street’s estimate of $0.30. CEO Elliott Hill acknowledged the company’s struggles, stating, “While we met expectations, we’re not satisfied with our overall results. We can and will improve.”
However, Nike faces ongoing pressure to reverse its stock’s downward trend. Over the past year, shares have dropped 28%, and they remain 60% below their 2021 record high.
Tough Road Ahead for Nike
Investor concerns stem largely from Nike’s weak future outlook. CFO Matt Friend warned that tariffs imposed by Donald Trump and internal executive changes could significantly impact sales in the current quarter. Nike expects revenue for the May quarter to decline by a “mid-teens percentage,” exceeding analysts’ projected 12.2% drop to $11 billion.
The sportswear giant, which has the backing of activist investor Bill Ackman with a $1.4 billion stake, now faces the challenge of navigating these headwinds while reassuring shareholders about its long-term prospects.
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Nike sued for $5 million in damages for shutting down the NFT platform RTFKT
A proposed class action lawsuit seeks $5 million in damages from Nike, alleging that the company violated consumer protection laws and several state laws on unfair competition and trade practices.
Nike has faced a class action lawsuit accusing the sportswear giant of conducting a compensation campaign for shutting down the non-fungible token (NFT) platform RTFKT in January. A group of RTFKT users led by Jagdeep Cheema claimed in the class action filed in federal court in Brooklyn on April 25 that they suffered "significant damages" due to Nike promoting sneaker-themed NFTs to attract investors, only to later shut down the platform.
The lawsuit claims that the NFTs are unregistered securities, as Nike sold them without registering with the Securities and Exchange Commission. The lawsuit accuses the company of using its "iconic brand and marketing power to hype, promote, and support the unregistered securities that RTFKT sold."
The lawsuit argues that: "Because the value of Nike NFTs derives from the success of a certain promoter and project — here, Nike and its marketing efforts — investors bought this digital asset with the hope that its value would increase in the future as the project became increasingly popular based on the Nike brand." #NIKE
A proposed class action lawsuit seeks $5 million in damages from Nike, alleging that the company violated consumer protection laws and several state laws on unfair competition and trade practices.
Nike has faced a class action lawsuit accusing the sportswear giant of conducting a compensation campaign for shutting down the non-fungible token (NFT) platform RTFKT in January. A group of RTFKT users led by Jagdeep Cheema claimed in the class action filed in federal court in Brooklyn on April 25 that they suffered "significant damages" due to Nike promoting sneaker-themed NFTs to attract investors, only to later shut down the platform.
The lawsuit claims that the NFTs are unregistered securities, as Nike sold them without registering with the Securities and Exchange Commission. The lawsuit accuses the company of using its "iconic brand and marketing power to hype, promote, and support the unregistered securities that RTFKT sold."
The lawsuit argues that: "Because the value of Nike NFTs derives from the success of a certain promoter and project — here, Nike and its marketing efforts — investors bought this digital asset with the hope that its value would increase in the future as the project became increasingly popular based on the Nike brand." #NIKE
#nft
#NIKE
think you will remember the RTFKT Sneaker, which became famous and quite successful in 2022. In addition to the futuristic design, it can be collected as a digital NFT, it can also be worn outside, and it has the Nike brand, so it is quite popular among the youth and sneaker heads.
But since the price range starts at $400, it was a sneaker that many could only dream of, and it was also a sneaker line up that you could buy and ride on the cheap.
Nike has announced that they will be discontinuing the RTFKT sneaker by 2024, when NFTs are on the decline. The main reason is that we are losing money, and later on we talked about the project coming up, but in fact, we stopped the business for good.
While Nike announced that there would be more big names to come, fans also predicted that dissatisfaction would arise when the entire platform that the big names had been waiting for suddenly shut down. Now it has happened as predicted.
RTFKT users, led by Jagdeep Cheema, have filed a lawsuit in Brooklyn court seeking $5 million in damages from Nike. Nike said it suffered damages after the NFT platform was shut down after attracting investors for its sneaker NFTs. In addition, NFTs are security products and because Nike sold these NFTs without registering with the SEC, it is alleged that "Nike used their brand name and marketing power to sell RTFKT's unregistered securities."
Since it is a product of Nike, the investors bought it thinking it would increase in value, but in fact, the platform was shut down, according to RTFKT users.
So it is interesting to see how Nike will respond to the claim of up to $5 million in damages. At the moment, NFTs are out of date and there is not enough fuel, in other words, hype, to make the NFT era come back.
#NIKE
think you will remember the RTFKT Sneaker, which became famous and quite successful in 2022. In addition to the futuristic design, it can be collected as a digital NFT, it can also be worn outside, and it has the Nike brand, so it is quite popular among the youth and sneaker heads.
But since the price range starts at $400, it was a sneaker that many could only dream of, and it was also a sneaker line up that you could buy and ride on the cheap.
Nike has announced that they will be discontinuing the RTFKT sneaker by 2024, when NFTs are on the decline. The main reason is that we are losing money, and later on we talked about the project coming up, but in fact, we stopped the business for good.
While Nike announced that there would be more big names to come, fans also predicted that dissatisfaction would arise when the entire platform that the big names had been waiting for suddenly shut down. Now it has happened as predicted.
RTFKT users, led by Jagdeep Cheema, have filed a lawsuit in Brooklyn court seeking $5 million in damages from Nike. Nike said it suffered damages after the NFT platform was shut down after attracting investors for its sneaker NFTs. In addition, NFTs are security products and because Nike sold these NFTs without registering with the SEC, it is alleged that "Nike used their brand name and marketing power to sell RTFKT's unregistered securities."
Since it is a product of Nike, the investors bought it thinking it would increase in value, but in fact, the platform was shut down, according to RTFKT users.
So it is interesting to see how Nike will respond to the claim of up to $5 million in damages. At the moment, NFTs are out of date and there is not enough fuel, in other words, hype, to make the NFT era come back.
⚡【Nike hit with class action over NFT shutdown!】
According to Reuters, Nike (NKE.N) faces a class-action lawsuit from NFT buyers after abruptly shutting down its RTFKT division, allegedly causing major losses.
The plaintiffs claim that had they known the NFTs could be "unregistered securities" and that Nike might "abandon the project," they would never have bought them.
📍The lawsuit seeks over $5 million, citing violations of consumer protection laws in NY, CA, FL, and OR.
#NIKE #nft #CryptoAssets
According to Reuters, Nike (NKE.N) faces a class-action lawsuit from NFT buyers after abruptly shutting down its RTFKT division, allegedly causing major losses.
The plaintiffs claim that had they known the NFTs could be "unregistered securities" and that Nike might "abandon the project," they would never have bought them.
📍The lawsuit seeks over $5 million, citing violations of consumer protection laws in NY, CA, FL, and OR.
#NIKE #nft #CryptoAssets
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Happycoin.club - Nike (NYSE:NKE) faced a lawsuit from a group of NFT buyers who claimed they lost hundreds of thousands of dollars when the sportswear giant shut down its NFT platform RTFKT.
The lead plaintiff, Australian investor Jagdeep Chima, alleges that Nike did not warn users about plans to cease operations of RTFKT in December 2024. After the shutdown, the value of NFTs sold under the Nike and RTFKT brands plummeted. Additionally, some non-fungible tokens stopped displaying images correctly, raising users' concerns that the assets would no longer be supported.
#NIKE
The lead plaintiff, Australian investor Jagdeep Chima, alleges that Nike did not warn users about plans to cease operations of RTFKT in December 2024. After the shutdown, the value of NFTs sold under the Nike and RTFKT brands plummeted. Additionally, some non-fungible tokens stopped displaying images correctly, raising users' concerns that the assets would no longer be supported.
#NIKE
🚨 LATEST UPDATE:
#Nike is being sued for over $5M in Brooklyn federal court after RTFKT’s shutdown! ⚡
#NFT buyers are claiming heavy losses and seeking major compensation! 💥⚖️
#TrendingTopic #BinanceAlphaAlert
#Nike is being sued for over $5M in Brooklyn federal court after RTFKT’s shutdown! ⚡
#NFT buyers are claiming heavy losses and seeking major compensation! 💥⚖️
#TrendingTopic #BinanceAlphaAlert
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Nike Faces $5 Million Lawsuit
Nike has come under fire after a group of investors filed a class-action lawsuit, accusing the sportswear giant of causing significant financial losses due to the closure of RTFKT, its Web3-focused subsidiary acquired in 2021.
Investors allege that Nike's actions led to a sharp decline in the value of NFTs under the Nike brand, destroying millions of dollars in investments.
Investors allege that Nike's actions led to a sharp decline in the value of NFTs under the Nike brand, destroying millions of dollars in investments.
Midday News Update #Web3
🚀
BONK and Raydium have launched a new meme coin launchpad, http://Letsbonk.Fun, aimed at empowering users to create their own meme tokens.
⚖️
Nike faces a $5M+ class action lawsuit after shutting down its crypto division RTFKT, with plaintiffs claiming NFT demand collapsed.
🛠️
Imran Khan highlights that AMMs are now competing to become the next major token launch infrastructure.
📊
Analysts suggest if Citi’s forecast of massive stablecoin supply growth materializes, Bitcoin could reach $285,000 by 2030.
#Bonk #raydium #NIKE
🚀
BONK and Raydium have launched a new meme coin launchpad, http://Letsbonk.Fun, aimed at empowering users to create their own meme tokens.
⚖️
Nike faces a $5M+ class action lawsuit after shutting down its crypto division RTFKT, with plaintiffs claiming NFT demand collapsed.
🛠️
Imran Khan highlights that AMMs are now competing to become the next major token launch infrastructure.
📊
Analysts suggest if Citi’s forecast of massive stablecoin supply growth materializes, Bitcoin could reach $285,000 by 2030.
#Bonk #raydium #NIKE
🚨 LATEST UPDATE:
#Nike is being sued for over $5M in Brooklyn federal court after RTFKT’s shutdown! ⚡
#NFT buyers are claiming heavy losses and seeking major compensation! 💥⚖️
#TrendingTopic #BinanceAlphaPoints #BinanceAlphaAlert
#Nike is being sued for over $5M in Brooklyn federal court after RTFKT’s shutdown! ⚡
#NFT buyers are claiming heavy losses and seeking major compensation! 💥⚖️
#TrendingTopic #BinanceAlphaPoints #BinanceAlphaAlert
🚨#NIKE SUED OVER NFT BUSINESS SHUTDOWN
🔹Lawsuit: Purchasers of Nike's NFTs sue after abrupt closure of its crypto unit #RTFKT .
🔹Allegations: Claims of buying unregistered securities and "rug pull" losses.
🔹Damages: Plaintiffs seek $5M+ under consumer protection laws in New York, California, Florida, and Oregon.
🔹Nike acquired RTFKT in Dec 2021, announced its winddown in Dec 2024.
Source: Reuters$ETH
🔹Lawsuit: Purchasers of Nike's NFTs sue after abrupt closure of its crypto unit #RTFKT .
🔹Allegations: Claims of buying unregistered securities and "rug pull" losses.
🔹Damages: Plaintiffs seek $5M+ under consumer protection laws in New York, California, Florida, and Oregon.
🔹Nike acquired RTFKT in Dec 2021, announced its winddown in Dec 2024.
Source: Reuters$ETH
Why are Investors suing Nike over the closure of RTFKT and Demanding $5 million
Listen, there's a big story going on with Nike and their digital division RTFKT, and I want to tell you because it's really interesting.
In general, Nike bought RTFKT studio in 2021 — it's such a fashionable company that made NFT sneakers and all sorts of digital stuff. Back then, the NFT market was at its peak, and the purchase looked like a super move: fashion, games, and blockchain all rolled into one! Projects like CloneX and Cryptokicks raised millions of dollars, and people were promised a bunch of chips: game quests, creating their own sneakers, exclusive gifts, access to rare releases. In short, everything looked cool.
But the problem is that in 2023-2024, interest in NFT began to decline altogether. And so in December 2024, Nike announced: that's it, the last "Blade Drop" — and RTFKT is officially closing. Formally, they said that this was a "transition to preserving the brand's heritage," but in fact they closed almost the entire ecosystem. All those cool things that were promised — quests, new releases, trade between users — have disappeared. And with it, the prices of NFTs, which used to cost thousands of dollars, collapsed.
Now, a group of investors has sued Nike and is demanding $5 million. They believe that they were deceived: they sold tokens as securities without registration and promised active development, which did not happen. Moreover, lawyers refer to the so—called "Howie test", according to which Nike's NFTS can be recognized as securities - after all, buyers expected to make a profit due to the company's efforts.
And here is the main argument in the lawsuit: Nike allegedly first earned money by selling tokens, and then simply closed the project, leaving users with useless digital assets.
Can you imagine? In one day, people lost everything they had hoped for.
Do you think companies like Nike or the investors themselves, who believe too much in HYPE, are more to blame in such stories?
#NIKE #NTF #CryptoNewss #crypto
In general, Nike bought RTFKT studio in 2021 — it's such a fashionable company that made NFT sneakers and all sorts of digital stuff. Back then, the NFT market was at its peak, and the purchase looked like a super move: fashion, games, and blockchain all rolled into one! Projects like CloneX and Cryptokicks raised millions of dollars, and people were promised a bunch of chips: game quests, creating their own sneakers, exclusive gifts, access to rare releases. In short, everything looked cool.
But the problem is that in 2023-2024, interest in NFT began to decline altogether. And so in December 2024, Nike announced: that's it, the last "Blade Drop" — and RTFKT is officially closing. Formally, they said that this was a "transition to preserving the brand's heritage," but in fact they closed almost the entire ecosystem. All those cool things that were promised — quests, new releases, trade between users — have disappeared. And with it, the prices of NFTs, which used to cost thousands of dollars, collapsed.
Now, a group of investors has sued Nike and is demanding $5 million. They believe that they were deceived: they sold tokens as securities without registration and promised active development, which did not happen. Moreover, lawyers refer to the so—called "Howie test", according to which Nike's NFTS can be recognized as securities - after all, buyers expected to make a profit due to the company's efforts.
And here is the main argument in the lawsuit: Nike allegedly first earned money by selling tokens, and then simply closed the project, leaving users with useless digital assets.
Can you imagine? In one day, people lost everything they had hoped for.
Do you think companies like Nike or the investors themselves, who believe too much in HYPE, are more to blame in such stories?
#NIKE #NTF #CryptoNewss #crypto
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