I did an NFT workshop with Anya, one of the most advanced young digital artists I’ve met, originally from Phnom Penh. This meeting happened in early 2022. Her eyes shone with excitement. For her, NFTs were about so much more than jpegs. They were a passport to a global stage, enabling her to go around the gatekeepers of an old-school art world that had always seemed so far away. She rolled up her sleeves, pouring her heart and soul into crafting breathtaking digital art, inspired by Khmer mythology. Not only did the sale of her first piece— for a few hundred dollars— take care of her internet bill for months, it encouraged her to pursue her dream. Where is Anya now? Has she fallen victim to corporate greed’s latest blow?
Did Nike Exploit NFT Hype?
Let’s face it though. Nike was a latecomer to the NFT trend. They saw dollar signs, not dreams. They bought out RTFKT and announced shiny new metaverses with exciting digital wares and community building. What happened? The RTFKT platform is gone. Shut down. With the expected result of leaving investors and, even more significantly, artists like Anya holding the proverbial bag.
This isn’t just about lost revenue — though the more than $5 million class action lawsuit led by Jagdeep Cheema certainly says a lot about that. It's about the crushing of hope. All it took was one global giant using its massive influence on marketing to inflate the value of NFTs. Once the fanfare faded, the state suddenly pulled out its support.
The basis of the lawsuit – that RTFKT NFTs are securities – is a good part of the story. Nike certainly sparked the excitement to increase the values. Now, those values are softening precipitously.
Southeast Asia's Creative Dreams Crushed?
For artists in Southeast Asia, NFTs meant something greatly different and more revolutionary. Creating New Opportunities for Emerging Artists Traditional art markets can be prohibitively intimidating spaces, oftentimes ruled by established galleries and established collectors. NFTs had the potential to create a more level playing field for artists. Now, they’re able to engage directly with buyers across the globe and make a sustainable living off their art.
- Lower Barriers to Entry: No need for expensive gallery representation.
- Direct Connection with Collectors: Build relationships and foster a community.
- Global Reach: Access a worldwide audience.
- Empowerment: Take control of their creative destiny.
And then there was Nike, through its RTFKT venture, seemingly leading the way in supporting this movement. Their actions tell a different story. They exploited the enthusiasm, the promise of the technology, without truly committing to the community or understanding the long-term implications. This failure isn’t just commercial — it’s a cultural abandonment. The firm took full advantage of its position and profited handsomely. They realized what we know, that the NFT marketplace is still the Wild Wild West.
As a result, RTFKT NFT floor value recently crashed by more than 99%. From thousands of dollars to mere pennies. Sales went from hundreds to single digits. This isn’t just a crappy investment, it’s a horrific gut punch to the artists. They believed in RTFKT’s vision—and the vision of NFTs as a whole.
Time to Support Ethical NFT Platforms?
We can’t make up the harm that Nike has caused, but we can and should learn from it. We can choose to back indie NFT artists and platforms that focus on community and ethical practices over short-term hype and cash grabs.
This is not merely an aesthetic obligation, but an economic justice mandate. It’s about leveling the playing field for underrepresented communities and making sure that the Web3 revolution works for all of us, and not just the big business bullies. It’s not just about Anya, but all the artists whose futures hang in the balance.
- Boycott Nike's NFT Projects: Send a clear message that we won't support companies that exploit the NFT space for short-term gains.
- Support Independent NFT Artists: Seek out and purchase art from emerging creators on platforms like Foundation, Zora, or Manifold.
- Invest in Ethical NFT Platforms: Support marketplaces that prioritize community governance, artist royalties, and environmental sustainability.
- Demand Transparency and Regulation: Urge regulators to clarify the status of NFTs and protect investors from fraudulent schemes.
Nike’s NFT debacle goes beyond being merely a business flop. It should serve as a critical lesson. While we can celebrate NFT innovation, we need to take a hard look at corporate engagement in the NFT space. Let’s stand in forceful support of those doing combat to build a more equitable and sustainable future for artists and creators all over the globe. We can’t allow Anya’s story to become one we accept as standard. To realize the future that we want—that artists should be empowered, not exploited.
Nike's NFT fiasco isn't just a business failure; it's a wake-up call. It's a reminder that we need to be critical of corporate involvement in the NFT space and support those who are building a more equitable and sustainable future for artists and creators around the world. Let's not let Anya's story become the norm. Let's build a different future, one where artists are empowered, not exploited.
