{"id":24204,"date":"2025-04-28T17:16:48","date_gmt":"2025-04-28T17:16:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24204"},"modified":"2025-04-28T17:16:48","modified_gmt":"2025-04-28T17:16:48","slug":"are-disgruntled-nft-holders-about-to-take-down-nike","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24204","title":{"rendered":"Are Disgruntled NFT Holders About to Take Down Nike?"},"content":{"rendered":"<div>\n<article class=\"max-w-full w-fit !mt-0 rounded border border-t-0 bg-surface-default\">\n<div class=\"relative\" data-testid=\"copilot-node-content-card-message\">\n<div class=\"p-3 relative\">\n<div class=\"break-words\">\n<p>The swoosh just got dragged into a legal mess, and NFT holders want blood.\u00a0 Nike is facing a class-action lawsuit in Brooklyn over the collapse of RTFKT, its high-profile<a href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\"> NFT venture<\/a>.<\/p>\n<p>Investors say Nike hyped the platform, then killed it\u2014leaving them stuck with heavy losses. Allegations range from false advertising to selling unregistered securities.<\/p>\n<p>This case puts the entire <a href=\"https:\/\/99bitcoins.com\/cryptocurrency\/high-risk-high-reward-crypto\/\">NFT market<\/a> back under the microscope.<\/p>\n<h2 class=\"font-bold text-body leading-[24px] pt-[12px] pb-[2px] [&amp;_a]:underline-offset-[6px] [&amp;_.underline]:underline-offset-[6px]\">NFT Holders Vs. Nike<\/h2>\n<p>Remember NFTs? That got memory-holed quickly.<\/p>\n<p>I think NFTs\u2019 original intent was to create digital property deeds by showing that you can \u201cmake it like a coin\u201d or make it a transferable asset. Now, NFTs are the most sinister meme since being \u201cRick Rolled.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NFTs be like <a href=\"https:\/\/t.co\/mhvGRMb7cE\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/mhvGRMb7cE<\/a><\/p>\n<p>\u2014 charker (@therealchaseeb) <a href=\"https:\/\/twitter.com\/therealchaseeb\/status\/1916613253720949096?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 27, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<div class=\"relative\" data-testid=\"copilot-node-content-card-message\">\n<div class=\"p-3 relative\">\n<div class=\"break-words\">\n<p class=\"text-body font-regular leading-[24px] pt-[9px] pb-[2px]\">At the heart of the lawsuit is the claim that Nike hyped RTFKT\u2019s sneaker-themed NFTs to attract investors, only to shut down operations in January 2025, leaving buyers with devalued or even \u201cworthless\u201d tokens. The plaintiffs argue Nike broke consumer protection laws by failing to disclose that the NFTs could qualify as unregistered securities under federal law.<\/p>\n<blockquote>\n<p class=\"text-body font-regular leading-[24px] pt-[9px] pb-[2px]\">The suit states, \u201cBecause the Nike NFTs derived their value from the success of Nike and its marketing efforts, investors purchased this digital asset with the hope that its value would increase in the future.\u201d<\/p>\n<\/blockquote>\n<h2 class=\"font-bold text-body leading-[24px] pt-[12px] pb-[2px] [&amp;_a]:underline-offset-[6px] [&amp;_.underline]:underline-offset-[6px]\">Rug Pull Accusation Stirs Controversy<\/h2>\n<p>When Nike pulled the plug on RTFKT, it didn\u2019t just close a platform\u2014it wiped out the core features that once made it valuable. Heck, <a href=\"https:\/\/99bitcoins.com\/news\/presales\/sui-price-coiled-to-explode-gamefi-trump-and-sui-crypto-news-could-pump-price-in-april\/\">Trump<\/a> hasn\u2019t even done that to his NFT holders\u2026 not yet at least.<\/p>\n<p>Challenges, quests, and<a href=\"https:\/\/99bitcoins.com\/news\/crypto-market-news-this-isnt-even-the-biggest-dump-this-bull-run\/\"> rewards<\/a> tied to NFTs vanished overnight.<\/p>\n<p>The fallout has been brutal. Nike\u2019s \u201cCryptoKick\u201d NFTs, once trading at 3.5 ETH (about $8,000) in 2022, are now scraping the floor at 0.009 ETH\u2014roughly $16.<\/p>\n<figure id=\"attachment_230887\" aria-describedby=\"caption-attachment-230887\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-230887\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-1024x422.jpeg\" alt=\"\" width=\"1024\" height=\"422\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-1024x422.jpeg 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-300x124.jpeg 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-768x316.jpeg 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-1536x633.jpeg 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-2048x844.jpeg 2048w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-50x21.jpeg 50w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-308x127.jpeg 308w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/04\/GphtIDsawAAyl5p-350x144.jpeg 350w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><figcaption id=\"caption-attachment-230887\" class=\"wp-caption-text\">(<a class=\"general-link\" href=\"https:\/\/www.pacermonitor.com\/public\/case\/57794239\/Cheema_v_Nike,_Inc\" target=\"_blank\" rel=\"noopener nofollow\">Nike Lawsuit<\/a>)<\/figcaption><\/figure>\n<p>The plaintiffs say Nike ran a textbook rug pull\u2014cashing in on hype, then ditching investors when the market cooled.<\/p>\n<p>OpenSea, the top NFT marketplace, has already lobbied the SEC to keep NFTs out of securities law. However, lawsuits like this show the issue is anything but settled, and the uncertainty is choking both creators and buyers.<\/p>\n<p>Meanwhile, the broader NFT market is crumbling. Global sales dropped 63% year-over-year in Q1 2025, collapsing from $4.1 billion to $1.5 billion. Nike\u2019s RTFKT gamble, launched with fanfare in 2021, ended in closure just three years later\u2014another casualty in a shrinking pile of garbage market that NFTs have become.<\/p>\n<h2 class=\"font-bold text-body leading-[24px] pt-[12px] pb-[2px] [&amp;_a]:underline-offset-[6px] [&amp;_.underline]:underline-offset-[6px]\">What\u2019s Next in the Nike NFT Lawsuit?<\/h2>\n<p>With $5 million in damages on the table and allegations of shady trade practices across New York, California, and Oregon, the stakes are high\u2014not just for Nike, but for the next<a href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\"> theoretical wave of NFTs<\/a>.<\/p>\n<p>The case could carve out new legal ground, forcing companies to rethink how they run NFT projects and what real obligations they owe the people buying in.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<p><strong>EXPLORE:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/xrp-price-jumps-11-after-sec-crypto-unit-tease-xrp-etf-progress\/\" target=\"_blank\" rel=\"noopener\">XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress<\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Nike is facing a class-action lawsuit in Brooklyn over the collapse of RTFKT, its high-profile<a href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\"> NFT venture<\/a>.    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The $5 million damages sought by the plaintiffs underscore the scale of losses they believe were driven by Nike\u2019s actions.    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/are-disgruntled-nft-holders-about-to-take-down-nike\/\">Are Disgruntled NFT Holders About to Take Down Nike?<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The swoosh just got dragged into a legal mess, and NFT holders want blood.\u00a0 Nike is facing a class-action lawsuit in Brooklyn over the collapse of RTFKT, its high-profile NFT venture. Investors say Nike hyped the platform, then killed it\u2014leaving them stuck with heavy losses. Allegations range from false advertising to selling unregistered securities. This [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24204","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24204"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24204\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}