#nft
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 At the moment, NFTs are out of date and there is not enough fuel, in other words, hype, to make the NFT era come back.
