Nike NFT Lawsuit: Investors Want Refunds, Not Just Digital Sneakers!

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Picture this: Nike, the company famous for saying “Just Do It,” does “Just Undo It” instead! 🎩🎬

Our drama begins when Nike gives the boot (pun absolutely intended) to its crypto-loving offspring, RTFKT, leaving investors clutching their fancy digital sneakers and wondering if they should’ve bought actual socks instead. 🤷‍♂️

The ringleader of this class action extravaganza is Mr. Jagdeep Cheema from Australia—land of kangaroos, boomerangs, and apparently, angry NFT collectors. He and his band of merry plaintiffs are furious because they say Nike sold them unregistered “securities.” You know, those virtual goodies that once cost a kidney and are now worth less than an expired subway token.

Now, they’ve assembled in the Eastern District of New York (move over, Broadway!) asking for more than $5 million in damages. The lawsuit covers consumer protection laws from New York, California, Florida, Oregon—hey, practically everywhere you can surf, ski, or sweat.

Quick flashback: Nike snapped up RTFKT in 2021 to “revolutionize” fashion with digital collectibles. Instead, their great innovation was pulling a Houdini and making the project disappear in December 2024. Their explanation? Something about “ongoing creative influence.” In other words: “We’re artists! We vanish!” 🎩✨

While the legal eagles debate whether NFTs are securities (“To be a security, or not to be?”), Nike’s playing mum—no swooshy statements yet. Meanwhile, the rest of the world is left wondering: are our digital shoes worthless, or is this just a new kind of comedy?

If there’s a moral here, it’s probably that you should never bring digital sneakers to a class action lawsuit. 🏆👟

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2025-04-30 03:28