Nike Navigates NFT Lawsuit in New York
Nike’s crypto asset and NFT buyers have filed a proposed class-action lawsuit against the company in the Brooklyn Federal Court in New York. According to Reuters, the lawsuit alleges that the sudden shutdown of Nike’s RTFKT unit caused substantial financial losses for investors.
The lead plaintiff, Jagdeep Chima, an Australian resident, stated, "Had buyers known that these tokens were unregistered securities and that Nike would shut down their project, they would not have purchased these NFTs at such high prices."
Nike acquired RTFKT in 2021 and announced the closure of its operations in December 2024. The lawsuit cites violations of consumer protection laws in New York, California, Florida, and Oregon and seeks more than five million dollars in damages.
Nike has not yet commented on the lawsuit. Given the currently uncertain legal status of crypto assets, the case is expected to have significant implications for the legal recognition of NFTs and corporate accountability in the future.
