Nike’s hit with a $5 million class action lawsuit over its RTFKT NFT platform shutdown. With investors justifiably furious, watching their hard-won digital assets go up in smoke. Is this simply buyer’s remorse in a rocky economy? Or does it only signal to us a far deeper truth about the...
The clothing behemoth is now embroiled in a lawsuit brought against it by angry NFT purchasers who allege that the brand’s digital tokens constitute unregistered securities. The lawsuit arrives at a time when the NFT market is facing a drastic collapse, with millions in digital assets plummeting in value. This...
The Web3 gold rush is on—and everybody’s slipping on their virtual reality headsets and scrambling to find their fortune. Switzerland, Singapore, the UAE – these are the poster children of the Global Web3 Index, praised for their innovation-friendly ecosystems. Are we so focused on the promise that we’re missing the...
Nike’s being sued for suddenly shutting down RTFKT? Alright, on the surface, this is nothing new—another company trying to navigate the often-volatile space of NFTs. Dig a little deeper, and you’ll find an invitation revealed under a flashing neon sign. This signal underscores the real Wild West nature of Web3...
It’s an exciting time in the Real World Assets (RWAs) space on Web3. This evolution holds the potential to bring together the best of both worlds of traditional finance and decentralized technologies. Getting started in this new landscape can be like trying to find your way out of a hedge...
Nike, formerly the poster child for athletic excellence and breakthrough innovation, has met its moment. The new digital world comes with its challenges that the company must face head on. A proposed class-action lawsuit, spearheaded by an Australian resident, Jagdeep Cheema, seeks over $5 million in damages, alleging that Nike...
Nike's facing a $5 million lawsuit over its Nike-themed NFTs, led by an Australian resident, Jagdeep Cheema, and it's not just about refunds. This lawsuit was originally filed in the Eastern District of New York. It asks whether Nike deceived consumers regarding the safety and worth of its digital goods...
Nike’s upcoming lawsuit, which is centered around its non-fungible tokens (NFTs), could see plaintiffs in the case demand damages of more than $5 million. The complaint brings claims for violation of consumer protection laws in every state that loans were made to. The central dispute is around the claim that...
From FTX to the world of NFTs, we’ve seen that centralized systems are inherently dangerous. So without a shred of warning, all of the images associated with RTFKT’s Ethereum-based NFT collections disappeared from view. This disruption severely affected major collections such as CloneX and Animus. Users were suddenly faced with...
RTFKT, an industry leader in the NFT space, recently announced their development team is migrating their entire storage infrastructure to Arweave, a decentralized storage network. This decision comes on the heels of a mess when a recent Cloudflare outage briefly made the images tied to RTFKT NFTs vanish. The incident...
