Nike Sued Over NFTs: Buyers Claim 'Rug Pull' After RTFKT Shutdown

Nike faces a $5M lawsuit as NFT buyers allege fraud after RTFKT shutdown. Learn what happened and what it means for the future of Nike NFTs.
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Nike Sued Over NFTs: Buyers Claim 'Rug Pull' After RTFKT Shutdown
Nike Sued Over NFTs: Buyers Claim 'Rug Pull' After RTFKT Shutdown Wondering why Nike is being sued over NFTs? Buyers who invested in Nike’s virtual assets are accusing the sportswear giant of fraud after it shut down its RTFKT project, claiming they were misled into purchasing what they now call "unregistered securities." The class action lawsuit, filed in New York’s Eastern District, seeks over $5 million in damages and highlights deep concerns about the future of Nike NFTs and the broader NFT investment market.                    Image: Nike The Rise and Fall of Nike's NFT Venture Nike entered the NFT space in 2021 by acquiring RTFKT, a promising "digital sneaker" company. Riding the height of NFT hype, Nike aimed to bridge the gap between physical and digital fashion with products like the Cryptokicks iRL , a sneaker launched under the RTFKT brand. However, despite strong initial interest and millions poured into NFTs, the project never gained sustainable…