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.

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