- Nike tangoes with a $5M+ lawsuit after ghosting its RTFKT NFT darling.
- Promise to keep RTFKT’s spark alive—legal trouble notwithstanding.
Oh, Nike, darling, it seems your digital escapade has turned from a royale soirée into a courtroom cabaret. According to our trusty Reuters, a merry band of NFT buyers have launched a class action from Brooklyn—no less!—after the eponymous RTFKT unit got unceremoniously shuttered in December 2024. The main plaintiff, one Jagdeep Cheema of Australia, storms the legal stage demanding over $5 million in damages. Quite the plot twist!
Buyers Cry “Wolf!”—Or Rather, “NFT Flop!”
RTFKT, Nike’s shiny new techno-toy since December 2021, was hailed as the digital pied piper of collectible innovation. Nike cheerfully presented Nike-branded NFTs promising perhaps riches or at least intrigue. However, by December 2024, the curtain fell—suddenly. Interest in these pixelated treasures evaporated quicker than cocktails at a Charlies Angels wrap party. Overnight, NFTs went from dazzling assets to digital dust, leaving wallets lighter and spirits somewhat dampened.
Alas, the buyers argue they were sold a splendid tale riddled with half-truths—NFTs that weren’t quite the securities they were told. No proper filings, no full disclosure. It seems Nike pulled the rug out from under the digital art market faster than you can say “blockchain bubble.”
Legal scholars twiddle their thumbs, debating whether NFTs even qualify as securities—alas for our plaintiffs, the law remains as foggy as a London morning. Cases are piling up like snow on Trafalgar Square, each trying to pin down the slippery digital beast.
Meanwhile, Nike plays it cool, lips tighter than Fort Knox. Lawyer Phillip Kim has adopted the classic silent type, leaving us all to wonder: Will Nike’s defense be a knockout or a nosedive?
Nike Pledges to Keep the RTFKT Flame Flickering—Even If It’s in the Fireplace
The lawsuit throws shade at WREX, accusing them of flouting consumer protection laws across New York, California, Florida, and Oregon—quite the legal tour de force! Plaintiffs finger over $5 million as the price of this digital debacle, seeking restitution for their now defunct fantasies.
In a rare moment of sweetness, Nike declares it will preserve RTFKT’s innovation mojo, that spark which once sent creatives into spirited flights of fancy. But enough to soothe the bruised egos and lighter pockets? One suspects not.
The Rosen Law Firm steps in, promising to chase refunds like bloodhounds hunting a juicy bone, only collecting fees if they win. How noble—and how 21st century!
This whole NFT saga is a cautionary panto of tomorrow’s markets—brimming with promise yet riddled with peril. For Nike, it’s a costly lesson in digital dalliances. For us mere mortals, a reminder: in the wild west of virtual assets, expect the unexpected and keep your wits—and wallets—close.
What’s next? Will courts finally pin down the enigmatic NFT for all its worth—or shall it remain a phantom in the digital fog? The show, dear friends, is far from over.
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