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According to PANews, a group of buyers has filed a lawsuit against Nike Inc. in a New York federal court, alleging significant losses following the abrupt closure of Nike's RTFKT division, which was responsible for creating Nike-themed NFTs and other crypto assets. The proposed class-action lawsuit, led by Australian resident Jagdeep Cheema, claims that the sudden shutdown in December 2024 caused a sharp decline in the demand for the NFTs they held. The buyers argue that they would not have purchased these NFTs at the prices they did, or at any price, had they known the tokens were unregistered securities and that Nike would unexpectedly exit the market. The lawsuit accuses Nike of violating consumer protection laws in New York, California, Florida, and Oregon. While the exact amount of damages sought is unspecified, it exceeds $5 million.

According to Odaily, Nike's RTFKT is in the process of migrating its NFT series, CloneX and Animus, to ArWeave. This transition is expected to be completed within a few hours. Since December of last year, RTFKT has been discussing changes to its infrastructure, with plans to decentralize in the future. Samuel Cardillo, RTFKT's Chief Technology Officer, noted that the CloneX NFT series recently faced issues on platforms like OpenSea and Blur, where art images were not displaying correctly. Users encountered messages stating, 'This content has been restricted; using Cloudflare's basic services in this manner violates the terms of service.' The problem arose because the project's Cloudflare Pro plan was set to end on April 30, but Cloudflare unexpectedly switched to a free plan days before the contract expired, causing errors in streaming images and videos.

According to PANews, Reservoir has announced that its NFT trading infrastructure and API services will officially terminate on October 15, 2025. The company has already halted new account registrations, but existing users can continue to access services until the shutdown date. To assist with the transition, Reservoir has partnered with 0xSequence and Alchemy to offer alternative solutions, and has made all its code available for developers to review. Moving forward, the team will focus on the Relay Protocol to enhance cross-chain token and NFT trading experiences.

According to PANews, recent data from CryptoSlam reveals that Polygon's NFT sales have surpassed those of Ethereum, reaching $22.3 million in the past week and capturing the top spot in digital collectibles sales. This figure represents 24% of the total NFT sales of $92.9 million for the week. The number of NFT buyers on the Polygon network also exceeded 39,000, marking an 81% increase from the previous week. Ethereum followed with $19.2 million in NFT sales, while Mythos Chain and Bitcoin-based collections recorded sales of $14.3 million and $14.1 million, respectively. The surge in Polygon NFT sales was largely driven by the increased sales of the Courtyard NFT series, which achieved $20.7 million in sales, outperforming other popular NFT projects during the same period. Courtyard is a Real World Asset (RWA) marketplace focused on graded physical card collections, including highly sought-after Pokémon cards, basketball cards, and baseball cards.

According to Cointelegraph, a Solana-based NFT initiative, Dead Bruv, is set to launch a unique project involving the sale of 100,000 non-fungible tokens (NFTs) to fund the purchase of a Cold War-era nuclear bunker located in Rutland, England. The creators of the narrative-driven NFT project, Meatbags, plan to mint these NFTs, with 10,000 being airdropped to current Meatbags holders. The remaining NFTs will be available for purchase starting April 21, priced at $14 each, as announced on the Meatbags X account.The NFT holders will gain access to a decentralized autonomous organization (DAO) named the Billionaire Bunker Club. This DAO is described as a "fully decentralized, community-governed real-world asset onchain," which will have the authority to decide the future use of the bunker if the acquisition is successful. Proposed ideas for the bunker include transforming it into a "members-only survival resort with Doomsday DJ," hosting end-of-the-world festivals, or converting it into an Airbnb offering caviar tastings and canned bean room service.The bunker, listed by UK online auctioneer SDL Property Auctions, has a guide price of 650,000 British pounds ($862,257) and is scheduled for auction on April 24. The property is situated on 1.4 acres near a former reservoir and has the necessary permissions for conversion into a residential house. Originally constructed in 1960 as a monitoring post during the Cold War, the bunker was decommissioned in 1968. It was one of 1,500 bunkers tasked with reporting nuclear bursts and monitoring radioactive fallout, as noted by SDL Property Auctions.Robert, the pseudonymous co-founder of Dead Bruv, explained in an April 18 statement to X that the initiative began as a joke but evolved into a serious endeavor aimed at "making NFTs fun again." He expressed enthusiasm for the project, highlighting the creative risks and boundary-pushing aspects that initially attracted him to NFTs. "When something comes from a place of, this is completely insane, we gotta do it, that’s when I know we’re onto something," Robert remarked.This venture is not the first instance of a DAO attempting to crowdfund for a high-value purchase. In 2021, ConstitutionDAO raised approximately $47 million in Ether (ETH) to bid on an original copy of the United States Constitution at Sotheby’s auction. Despite their efforts, the DAO was unsuccessful, as the winning bid was $43.2 million, and they were limited to a bid of $43 million due to additional costs. Similarly, LinksDAO successfully acquired Scotland-based Spey Bay Golf Club in May 2023 and added the US-based Hillcrest Country Club to its portfolio in February.

According to Cointelegraph, a non-fungible token (NFT) trader, Waylon Wilcox, could face up to six years in prison after admitting to underreporting nearly $13 million in profits from trading CryptoPunks. The U.S. Attorney’s Office for the Middle District of Pennsylvania revealed that Wilcox, 45, pleaded guilty to filing false income tax returns for the 2021 and 2022 tax years. On April 9, Wilcox admitted to two counts of filing false individual income tax returns, as stated by federal prosecutors in an April 11 press release. In April 2022, Wilcox filed a false tax return for the 2021 tax year, underreporting his income by approximately $8.5 million and reducing his tax liability by about $2.1 million. Later, in October 2023, he submitted another false return for the 2022 fiscal year, underreporting his income by an estimated $4.6 million and decreasing his tax due by nearly $1.1 million. The total maximum penalty for these offenses under federal law is up to six years of imprisonment, a term of supervised release, and a fine. However, the specifics of his sentencing remain undetermined. Wilcox was involved in buying and selling 97 pieces of the CryptoPunk NFT collection, which is the largest in the industry with a market capitalization of $687 million. In 2021, he sold 62 CryptoPunk NFTs for a gain of about $7.4 million but reported significantly less on his taxes. In 2022, he sold 35 more CryptoPunks for $4.9 million. The Department of Justice noted that Wilcox intentionally selected “no” when asked if he had engaged in digital asset transactions on both filings. IRS Criminal Investigation is dedicated to uncovering complex financial schemes involving virtual currencies and NFT transactions designed to conceal taxable income, according to Philadelphia Field Office Special Agent Yury Kruty. The case was investigated by the Internal Revenue Service (IRS) and its Criminal Investigation Department. Crypto tax laws have gained global attention, especially after the IRS introduced new regulations in June 2024, requiring U.S. crypto transactions to be subject to third-party tax reporting. Since January, centralized crypto exchanges and other brokers must report digital asset sales and exchanges. On April 10, U.S. President Donald Trump signed a resolution overturning a Biden-era law that would have required decentralized finance protocols to report transactions to the IRS. Set to take effect in 2027, the IRS DeFi broker rule would have expanded reporting requirements to include DeFi platforms. Some crypto regulatory advisers argue that stablecoin and crypto banking legislation should take precedence over new tax laws in the U.S., advocating for a tailored regulatory approach to securities laws and banking obstacles.

According to Odaily, a federal judge in Florida, Federico Moreno, has approved a settlement agreement involving NBA star Shaquille O'Neal. The agreement resolves a class-action lawsuit with buyers of Astrals non-fungible tokens (NFTs) for $11 million. The judge stated that the plaintiffs have reviewed and approved the fees requested by the lead class attorney as fair and reasonable.

According to Cointelegraph, a significant loss was recorded in the NFT market as an investor sold a CryptoPunk non-fungible token (NFT) at a nearly $10 million loss. This transaction underscores the persistent downturn in the once-thriving blue-chip NFT sector. The investor, identified as a whale due to their substantial cryptocurrency holdings, sold the CryptoPunk NFT for 4,000 Ether (ETH), valued at over $6 million at the time of the sale. Originally, the NFT was purchased for 4,500 ETH, approximately $15.7 million, a year prior, as reported by blockchain analytics firm Lookonchain. The firm highlighted the investor's substantial loss, noting that while the sale resulted in a 500 ETH loss, equivalent to $774,000, the actual financial impact was a $9.73 million loss. This discrepancy arose because the price of ETH had fallen by 57% from $3,509 at the time of purchase to the sale date. Despite the significant loss, the transaction remains the largest NFT sale in the past 30 days, according to CryptoSlam data. This sale occurs amid a period of stagnation for NFTs, with Ethereum's NFT trading volume dropping over 53% in the past month and Polygon's volume decreasing by 41%. The CryptoPunk collection experienced a brief 13% increase in floor price following rumors that Yuga Labs, the collection's owner, might be considering selling its intellectual property. However, the broader blue-chip NFT market continues to struggle, with top collections significantly down from their 2021 peaks. CryptoPunks currently have a floor price of about 43 ETH, or $68,000, marking a decline of over 61% from their record high of 113.9 ETH in October 2021. Similarly, the Bored Ape Yacht Club's floor price has dropped 89%, and the Mutant Ape Yacht Club collection is down 93%, according to NFTpricefloor data. In contrast, the Pudgy Penguin collection has defied the trend, reaching a new all-time high of over 25 Ether on December 16, 2024, and achieving the highest sales volume of over $72 million in the first quarter of 2025, as reported by Cointelegraph on March 28. Meanwhile, the U.S. Securities and Exchange Commission concluded its three-year investigation into Yuga Labs at the beginning of March. This investigation, initiated under former Chair Gary Gensler, aimed to determine whether certain NFTs, including fractional NFTs, could be classified as securities.

According to PANews, an NFT trader has sold an Alien series CryptoPunk NFT for 4,000 ETH, approximately $6 million. The trader originally purchased the NFT a year ago for 4,500 ETH, which was valued at around $16 million at the time. This transaction resulted in a loss of $10 million for the trader.

According to Foresight News, CertiK has issued an alert regarding a vulnerability exploitation involving flash loans and the NFT market. The suspicious transaction includes complex logical operations on a certain protocol. CertiK noted that while the incident affects the logic of the NFT market, it does not directly deplete funds. Projects with delegated offer logic are advised to remain vigilant and review access permissions and validation checks.

According to PANews, Russian social media giant VK has announced the closure of its NFT marketplace, 'VK NFT Hub,' on April 15 due to escalating financial losses. The company reported a net loss of 949 billion rubles (approximately $11 billion) in 2024, nearly three times the loss recorded in 2023. VK advises users to transfer their NFTs to external wallets before the shutdown to avoid losing access.

According to Cointelegraph, the non-fungible token (NFT) market witnessed a significant downturn in the first quarter of 2025, with sales plummeting by 63% compared to the same period last year. Total sales from January to March reached $1.5 billion, a stark contrast to the $4.1 billion recorded in the first quarter of 2024, as reported by data aggregator CryptoSlam. March marked the most substantial drop, with sales falling 76% to $373 million from $1.6 billion in the previous year. Despite the overall decline, certain NFT collections managed to defy the trend and post gains. Notable among these were Doodles, Milady Maker, and Pudgy Penguins, which demonstrated resilience amid the market downturn. Pudgy Penguins emerged as the top performer, recording $72 million in sales for Q1 2025, a 13% increase from $63.5 million in Q1 2024. Doodles also showed strength, with sales rising to $32 million from $22.6 million in the previous year, potentially fueled by its growing mainstream presence and a recent collaboration with McDonald's. Milady Maker, an Ethereum-based collection, saw the highest percentage increase among leading collections, with a 58% rise in sales volume. The anime-themed project, endorsed by Ethereum co-founder Vitalik Buterin, has gained traction on social media platforms, partly due to promotion by Three Arrows Capital co-founder Su Zhu. In contrast, other major NFT collections experienced significant declines. CryptoPunks recorded $60 million in sales for Q1 2025, a 47% decrease from $114 million in the first quarter of 2024. The Bored Ape Yacht Club (BAYC) faced an even steeper drop, with sales volume falling 61% to $29.8 million from $78 million in the previous year. While the broader NFT market struggled, NFTs built on Bitcoin saw an increase in average price despite a sharp decline in total sales volume. In the first quarter of 2025, the average value of Bitcoin NFTs rose to $633.24, up from $559.05 in 2024 and $63.45 in 2023, according to DappRadar. However, Bitcoin-based NFT sales dropped dramatically to $291 million, a 79% decrease from $1.4 billion in Q1 2024. Bitlayer co-founder Charlie Hu previously commented to Cointelegraph that Bitcoin Ordinals, once a hyped narrative in the Bitcoin ecosystem, have seen their era "completely gone."

According to PANews, non-fungible tokens (NFTs) have become a significant topic in the digital era, often likened to unique items in the digital world with characteristics similar to those in the physical realm. NFTs can simulate three core features: provenance, exclusivity, and modifiability, which are not typically found in ordinary digital items. In the art sector, NFTs have primarily utilized provenance and exclusivity. For instance, Botto's artwork "Asymmetrical Liberation" uses NFT technology to verify its origin as Botto's first creation, granting the holder exclusive control. However, like physical art, owners cannot alter the artwork itself. The exploration of modifiability in NFTs is limited, with gaming NFTs being the closest application, where players upgrade characters. This feature remains underappreciated. A more innovative application involves using NFTs for smart agents, digital assistants that remember user interactions, showcasing the three core NFT features: Exclusivity: NFT holders have exclusive access to the agent's memory. Modifiability: The agent's memory updates with each use, accumulating unique experiences and adjustments. Provenance: The agent's usage history reflects its experience accumulation, akin to a resume. For example, if renowned author Tolkien used a smart agent to write "The Hobbit," it would hold unique value for aspiring fantasy writers due to its accumulated experience. This experience is unique and non-replicable. While most agents may serve as public-facing API services similar to SaaS products, smart agent NFTs resemble racehorses, deriving value from their trainers and retaining training results, with only one owner at a time. Companies like Plastic Labs are developing underlying technology to support such smart agent NFTs. This innovative approach of combining NFTs with smart agents expands the application boundaries of digital assets and introduces new design concepts in software development and artificial intelligence. As technology advances, more personalized and marketable smart agent applications may emerge.

According to Odaily, NFT trading volume has decreased to $102 million this week, marking a 3.19% drop from the previous week. Despite the decline in trading volume, the number of NFT buyers surged by 71% to 350,063, while sellers increased by 68.57% to 225,465. The total number of NFT transactions rose by 16.90%, reaching 1,696,996. On the Ethereum network, NFT trading fell by 13.03% to $27.7 million, although the number of buyers grew by 42.17% to 44,850. Meanwhile, Bitcoin network trading volume decreased by 30.69% to $16.3 million, with a 63.67% increase in buyers, totaling 31,251. The Mythos Chain network saw a slight rise of 3.12% in trading volume, reaching $15.6 million, ranking third in the market.

According to BlockBeats, during the SEC's inaugural crypto roundtable, Hester Peirce suggested that cryptocurrency projects should be allowed to raise funds through tradable NFTs. She indicated that NFTs might become the next area for SEC exemption statements following PoW mining. Peirce mentioned that projects like Stoner Cats and Flyfish Club, which use NFTs to raise funds and offer specific rights such as access and membership to holders, might not necessarily be classified as securities. She emphasized that providing a reference framework for NFT issuers could significantly benefit the industry's development. Previously, under Gary Gensler's leadership, the SEC had pursued several NFT projects under securities law. However, Peirce clarified that not all NFT-related projects are automatically exempt from regulation, and those with securities-like structures will still be subject to regulatory oversight.

According to PANews, recent data from CryptoSlam indicates a 7.84% decrease in NFT trading volume this week, dropping from $121.5 million to $109.2 million. Despite this decline, the number of buyers surged by 697.00% to 204,693, while sellers increased by 419.23% to 133,708. The total number of transactions fell by 5.46% to 1,497,932. On the Ethereum network, trading volume decreased by 11.28% to $32.7 million, although the number of buyers more than doubled, rising by 103.27% to 31,517. Conversely, the Bitcoin network saw a 4.63% increase in trading volume, reaching $22.8 million. The Mythos Chain network experienced a slight decline of 1.78% to $15 million, while the Solana network dropped significantly by 43.44% to $10.1 million. The top-selling NFTs this week included Beeple Special Edition #100020001, which sold for $464,480 (464,480 USDC), and another Beeple Special Edition #100020001, which fetched $441,000 (441,000 USDC). Known Origin #30101 sold for $390,000 (390,000 USDC), while CryptoPunks #4220 and #8968 sold for $251,307 (134.69 ETH) and $246,449 (128 ETH), respectively.

According to Cointelegraph, Watch Skins Corporation has filed a lawsuit against luxury fashion conglomerate LVMH, accusing it of patent infringement related to non-fungible token (NFT) display technology. The complaint, submitted to a Texas federal court on March 10, alleges that LVMH misappropriated Watch Skins' innovative system, which enables the display of verified NFT artworks on smartwatches. Watch Skins claims to hold multiple patents for this technology.The lawsuit specifically targets the TAG Heuer Connected Calibre E4 smartwatch, among other products from LVMH's brands, asserting that these devices unlawfully utilized NFT display technology based on three patents owned by Watch Skins. LVMH, a multinational holding company, owns numerous luxury brands, including Louis Vuitton, Givenchy, TAG Heuer, Tiffany, Christian Dior, Hennessy, and Moët & Chandon.Watch Skins detailed its patents, stating that the first covers a system verifying NFT ownership before allowing display on a watch face. The second patent involves a system where an NFT must be verified through a blockchain wallet before being shown on a smartwatch. The third patent focuses on retrieving and displaying customized watch faces based on NFT ownership. The company accused TAG Heuer of encouraging patent infringement by providing instructions for using its NFT display features.The complaint elaborated that the smartwatch connects to a user's crypto wallet to ensure the authenticity of displayed works, allowing NFTs to be shown if owned by the user's wallet. Watch Skins is seeking a jury trial, compensation for lost profits and royalties, and a court order to prevent LVMH from further using the patented technology.Watch Skins had previously announced the launch of the world's first blockchain NFT watch face marketplace at the Consumer Electronics Show in Las Vegas in 2020. The mobile app offers consumers the ability to purchase authentic, licensed smartwatch faces from their favorite brands. Cointelegraph has reached out to LVMH for comment on the lawsuit.

According to PANews, NFT trading volume has surged to $121.5 million this week, marking a 15.27% increase from the previous week. Despite this growth, the number of NFT buyers plummeted by 94.39% to 25,641, while sellers decreased by 91.84% to 25,717. The number of transactions rose by 5.21%, reaching 1,615,020. On the Ethereum network, trading volume increased by 50.76% to $37.6 million, although the number of buyers fell by 69.09% to 15,471. Bitcoin network trading volume decreased by 17.21% to $21 million. Solana network trading volume reached $18 million, growing by 51.24% and securing the third position. Mythos Chain network trading volume was $15.2 million, up by 2.84%, ranking fourth, while Polygon network trading volume was $13.5 million, down by 7.98%. Notable high-value transactions this week included: - CryptoPunks #4464: $2,196,232 (1011 ETH) - Uncategorized Ordinals #7d0: $1,321,676 (14 BTC) - CryptoPunks #8868: $646,201 (288.88 ETH) - CryptoPunks #364: $342,136 (160 ETH) - SuperRare #38335: $219,441 (100 ETH)

According to BlockBeats, on March 4, Yuga Labs announced on its X account that the U.S. Securities and Exchange Commission (SEC) has officially concluded its investigation into the company, which lasted over three years. This development is seen as a significant victory for the NFT industry and creators contributing to the ecosystem, reinforcing the notion that NFTs are not considered securities.

According to Cointelegraph, DraftKings has agreed to a $10 million settlement to resolve a securities class-action lawsuit involving its non-fungible tokens (NFTs). The lawsuit was initiated by buyers of NFTs sold through DraftKings' now-closed marketplace. On February 28, 2025, Judge Denise Casper of the Boston federal court granted a preliminary settlement motion filed by lead plaintiff Justin Dufoe and the class on February 26. The settlement will distribute $10 million among the class action members. Dufoe plans to request a $50,000 award for his involvement in the case, along with attorneys' fees amounting to one-third of the settlement fund plus litigation expenses. The lawsuit, which began in March 2023, alleged that the NFTs sold by DraftKings were investment contracts under U.S. law and were therefore unregistered securities. The settlement aims to avoid prolonged and costly litigation. DraftKings co-founders Jason Robins and Matt Kalish, along with Jason Park, the company's chief transformation officer, were also named in the suit. Dufoe claimed to have incurred a $14,000 loss by selling DraftKings NFTs at a loss and holding devalued NFTs. DraftKings attempted to dismiss the lawsuit in September 2023, arguing that the NFTs did not qualify as investment contracts under the Howey test. However, Judge Casper ruled in July that the NFTs could be considered securities. Following the closure of its NFT marketplace, DraftKings began settlement discussions with the class group, which culminated in an all-day mediation involving extensive negotiations before a neutral third party. The class group described the settlement as an "outstanding result" that would prevent further costly litigation. They estimated "realistic and supportable damages" to range from $18 million to $58 million, with the settlement representing 26% of the midpoint of potentially recoverable damages, which they considered an excellent recovery under the circumstances. This is the second NFT-related lawsuit DraftKings has settled in 2025. In January, the company reached a settlement with the National Football League Players Association over a lawsuit accusing DraftKings of not compensating for the use of NFL player likenesses in NFTs. The details of that settlement remain undisclosed, but the suit was stayed until March 28 to finalize the agreement.