Nike, the sportswear behemoth, has now landed in hot water after being sued for launching its own NFTs through RTFKT. On April 25, Australian resident Jagdeep Cheema filed that class-action lawsuit in Brooklyn federal court. This lawsuit claims that through an ill-conceived RTFKT NFT campaign Nike deceived investors by promoting...
That perfectly chaotic and free digital Wild West that is Web3 is having something of a reckoning. Nike’s now deep in a class-action lawsuit over its RTFKT NFT collections, and frankly, it’s about damn time. Never mind the so-called “rug pull.” The true tale behind this case is what it...
The sudden collapse of FTX sent shockwaves throughout the crypto ecosystem. It ignited dozens of marbled legal skirmishes and roused a fog of monetary doubt. NFT Star and Delysium now reportedly are tied up in complex legal conflicts involving FTX. Both firms are currently being sued for signing on to...
FTX is suing NFT Star and Delysium to recoup millions in allegedly misappropriated tokens. The exchange is suing to recover assets it says belong to its creditors after its own bankruptcy last fall. This move is part of FTX's broader effort to recoup funds and ensure equitable distribution to those...
Nike, the multinational sportswear behemoth who’s motto is “Just Do It,” finds themselves in an unexpected legal tussle. This lawsuit could have far-reaching implications on the fast-moving universe of Non-Fungible Tokens, or NFTs. Nike’s RTFKT NFTs were recently the subject of a class-action lawsuit accusing the company of deceptive advertising...
The metaverse sold us on a pair of digital sneakers and a world oozing with customized avatars. Nike, through its acquisition of RTFKT, leaped into the NFT pool with both feet. Now? They’re under the shadow of a class-action lawsuit, charged with foisting off unregistered securities on the investing public....
Nike, a sportswear giant, faces a lawsuit over its handling of non-fungible tokens (NFTs) after the abrupt shutdown of its digital token project, RTFKT. The lawsuit raises critical questions about consumer protection in the digital asset space and whether NFTs could be classified as securities. As blockchain regulatory analyst Marcin...
So, Nike’s getting sued over the RTFKT NFT mess, right? One such investor is accusing them of fraud, securities law violations, and extreme virtual sneaker loss of value. Honestly, is anyone really surprised? This isn’t simply the story of one bad NFT project or one disgruntled investor. Corporate overreach in...
This Nike lawsuit… this one feels like a gut punch, huh? Not just to Nike, or even the NFT holders left with potentially worthless digital sneakers, but to the entire Web3 dream. We were sold on a new, democratized, decentralized future, a tech-driven new frontier of digital ownership. Rather, we’ll...
That’s the argument that Nike is currently facing in a lawsuit filed by scan & go startup Symbol New York. This follows the company’s closing of RTFKT, its subsidiary that peddled virtual sneakers as NFTs. The suit, brought by a single investor in the firm, seeks more than $5 million...
