Nike’s RTFKT shutdown isn’t just a stumble. It's a faceplant into the mud, leaving a stain on Web3's promise of a decentralized, creator-centric future. Even the smell is extreme. It stinks of corporate ass-covering, particularly for fledgling creatives and communities across Southeast Asia who gambled on the Swoosh fulfilling their...
This latest lawsuit is the second class-action Nike is fighting at the moment. Owners of RTFKT NFTs bringing the class action suit allege that their digital assets have substantially devalued. This legal challenge further paints the picture of the challenges Nike has faced since their entry into the Web3 world....
Nike's stumble in the NFT space with RTFKT isn't just a brand fumble. It's a glaring red flag signaling the urgent need for carefully considered Web3 regulation. According to the plaintiffs, RTFKT NFTs constitute unregistered securities in violation of U.S. This case is about more than digital sneakers—this case threatens...
Nike, a brand long synonymous with innovation and athletic excellence, has been taking some recent missteps in the Web3 space. The company has announced plans to wind down its RTFKT NFT project that brought it extraordinary sales success, but has repeatedly flopped in execution. To succeed in the digital space,...
Nike’s recent foray into the world of NFTs has raised some eyebrows. This sudden discontinuation of RTFKT and the resulting lawsuit gives a more impression of a typical corporate cash grab instead of genuine innovation. To be honest, it kind of pisses me off – particularly in light of all...
Nike’s first jump into the metaverse through the RTFKT acquisition was a shoo-in. A billion dollars later, and all we get is a slam dunk into the regulatory black hole. The recent Clone X image outage, for example, resulted in the temporary disappearance of more than 19,000 NFT images. This...
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...
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....
