Crypto Events
By Maheen Hernandez
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The NFT Venture That Ended Abruptly. Back in 2021, Nike made headlines when it acquired RTFKT Studios, a fast-rising Web3 company known…
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Investors Allege Deceptive Practices. The newly filed lawsuit claims that Nike misled investors about the longevity and stability of its…
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Legal Questions Around NFTs. The lawsuit also brings renewed focus to an ongoing legal gray area: whether NFTs should be…
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Silence from Nike So Far. As of now, Nike has not issued a public statement in response to the lawsuit.
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The Bigger Picture: Corporate Accountability in Web3. Nike's legal troubles come at a time when traditional brands are being held to higher standards as…
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Conclusion. Nike’s sudden exit from the NFT space has triggered a high-stakes legal battle that could shape…
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Nike, one of the world's most recognized sportswear brands, is facing legal trouble after abruptly shutting down its NFT-focused metaverse division.
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Back in 2021, Nike made headlines when it acquired RTFKT Studios, a fast-rising Web3 company known for its cutting-edge digital sneakers, and popular non-fungible tokens (NFTs).
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However, by December 2024, Nike pulled the plug on the project. The decision stunned both fans and investors who had bought Nike-themed NFTs with the expectation of long-term…
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According to a report from Reuters, the closure of RTFKT triggered a sharp drop in demand and value for Nike-branded NFTs.
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The suit goes further by accusing Nike of committing a “rug pull”—a term used in crypto circles to describe a scenario where a project is suddenly abandoned by its creators,…
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This kind of accusation, especially when leveled at a corporate giant like Nike, is rare and could set a significant legal precedent if the case moves forward.
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The lawsuit also brings renewed focus to an ongoing legal gray area: whether NFTs should be classified as securities under U.S. law.
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If a court determines that the Nike-themed NFTs were indeed unregistered securities, it could open the door for broader regulatory action—not just against Nike, but against other…
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As of now, Nike has not issued a public statement in response to the lawsuit. The company has also remained quiet on the reasons behind the sudden shutdown of RTFKT and its…
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