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🤓🤓Nike is being sued for $5 million for shutting down its NFT division
‼️After unexpectedly announcing the halt of the RTFKT digital sneaker NFT project in December 2024, Nike is facing a class-action lawsuit in New York, accused of violating consumer protection laws. Specifically:
- Nike sold NFTs that were unregistered securities
- Lack of transparency, with no prior warning about the shutdown causing the value and demand for RTFKT's NFTs to plummet, resulting in significant losses for holders
📣After completely withdrawing, Nike only left a promise that the NFTs would continue to exist. However, last week, Cloudflare ceased its hosting services, causing RTFKT's Clone X NFT collection to encounter errors due to missing images.
Source: 5 minutes Crypto