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, 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’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...
With the NFT market’s spectacular bust now leaving big brands that happily jumped feet first into the technology nursing bruised egos and deeper financial wounds. Nike has quickly become one of the biggest names in NFT space. Now it’s fighting a class-action lawsuit after announcing plans to close RTFKT, one...
Nike faces a class-action lawsuit of its own in federal court in Brooklyn. The company is accused of carrying out a “rugpull” when it suddenly terminated the RTFKT platform. Investors are sounding the alarm on “substantial harm.” They are seeking $5 million in damages for the harm they suffered when...
Nike is still in the middle of a $5 million class action lawsuit. This comes on the heels of their decision to close the NFT subsidiary, RTFKT, at the end of December 2024. Australian Jagdeep Cheema is at the head of the class action. He alleges that the shutdown caused...
The black screen. That's all it took. NFT holders are left with a chilling digital emptiness. It’s an unfortunate reminder that, even in the most decentralized of cyberspaces, like that of Web3, there are still centralized vulnerabilities lurking beneath the surface. The RTFKT image disappearance wasn’t merely a technical hiccup....
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...
Well, your $2800 NFT just became a digital black hole. How does that make you feel? Angry? Defeated? Welcome to the club. RTFKT’s Clone X and Animus NFT images have recently disappeared, leaving just a spooky black screen. This deeply disturbing shift should send shockwaves to anyone who is interested...
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...
