Tag: rtfkt

Nike Faces Lawsuit Over Devalued RTFKT NFTs Amidst Web3 Struggles

Nike Faces Lawsuit Over Devalued RTFKT NFTs Amidst Web3 Struggles

• NFT Drops

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 NFT Lawsuit: Did RTFKT's 'Rug Pull' Expose a $5M Mistake?

Nike NFT Lawsuit: Did RTFKT's 'Rug Pull' Expose a $5M Mistake?

• Facts

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...

Nike Faces Lawsuit Over Closure of RTFKT Sneaker NFT Venture

Nike Faces Lawsuit Over Closure of RTFKT Sneaker NFT Venture

• NFT Drops

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...

NFT Winter Claims Casualties Nike Faces Lawsuit After RTFKT Shutdown

NFT Winter Claims Casualties Nike Faces Lawsuit After RTFKT Shutdown

• NFT Drops

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 Sued: RTFKT NFT Holders Claim $5M Loss. What Happened?

Nike Sued: RTFKT NFT Holders Claim $5M Loss. What Happened?

• Facts

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 Faces $5M Lawsuit Following RTFKT NFT Unit Shutdown

Nike Faces $5M Lawsuit Following RTFKT NFT Unit Shutdown

• NFT Drops

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...

RTFKT's Glitch Shows Why Web3 Needs Southeast Asia's Resilience

RTFKT's Glitch Shows Why Web3 Needs Southeast Asia's Resilience

• Commentary

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....

RTFKT NFTs Vanish! Cloudflare Glitch Exposes Centralization Risks

RTFKT NFTs Vanish! Cloudflare Glitch Exposes Centralization Risks

• Facts

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's Vanishing NFTs: A $2800 Lesson in Web3's Broken Promises?

RTFKT's Vanishing NFTs: A $2800 Lesson in Web3's Broken Promises?

• Commentary

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 Transitions to Decentralized Storage Following Image Hosting Disruption

RTFKT Transitions to Decentralized Storage Following Image Hosting Disruption

• NFT Drops

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...

Japan's Bitcoin Revolution: A Boon for Artists and Web3 Creators?

Is Japan on the verge of accidentally unleashing a tsunami of creative destruction and financial liberation onto the rest of the emerging markets? I know this seems like a tall order, but hear me out. Japan’s regulatory change to officially recognize Bitcoin as a financial product. This step is a...

5 Ways This Crypto Bill Empowers Southeast Asian Artists, Not Wall Street

Let’s be honest, when you hear about crypto regulation, your first thought probably isn't Southeast Asian artists finding new avenues for creative expression. Surely visions of Wall Street honchos and inscrutable derivatives dance in your head. Well, what if I told you that the Senate’s Banking Committee just released their...

Crypto's 'Light-Touch' Regulation Gamble Will It Protect You?

The Senate Committee’s proposed “light-touch” regulatory framework for crypto is a long high-stakes poker game. Are we all truly holding a winning hand, or are we collectively bluffing our way into a future financial crisis? It’s a question every investor, every innovator, and frankly, every citizen should want to know....

Trump Jr. at KBW2025: Web3's Mainstream Moment?

Donald Trump Jr.’s scheduled keynote address at KBW2025 is raising eyebrows and inspiring intense discussion across the Web3 ecosystem. He’s just a high-profile guy shaking things up in the crypto world. His presence further exemplifies the increasing importance of blockchain technology and its potential to revolutionize the traditional economy. Does...

Trump Jr. at KBW2025: Web3's Punk Rock Moment or Sellout?

Or I think about Nandar, a wonderful Burmese artist that I met in Yangon, sharing with me her latest NFT collection. Each work exploded with vivid imagery, bravely fighting back against the junta’s repressive hold. She began selling them directly to supporters around the world, allowing her to cleverly sidestep...

KBW2025: Is Trump Jr. Web3's Trojan Horse or its Savior?

Donald Trump Jr. at Korea Blockchain Week? It's a head-scratcher, isn't it? About as easy as locating a MAGA hat at a Burning Man soirée. Before we put this down as just another short-lived publicity stunt, let’s take a closer look at what this could IoTally Web3 means. Cynical ploy...

Schiff's Crypto Ban: Is He Protecting Us or Silencing Innovation?

Senator Adam Schiff's proposed crypto ban, the COIN Act, aimed at preventing the President (read: Donald Trump) from dabbling in digital assets, raises a critical question: Is this genuine protection against corruption, or a veiled attempt to stifle innovation, especially for emerging markets? Let's be real, the optics are terrible....