Nike is being sued by NFT buyers who purchased digital assets from its RTFKT project, which it recently decided to wind down. The plaintiffs allege they were misled into buying what they now consider unregistered securities, leading to a class action lawsuit seeking over $5 million in damages. This legal action follows Nike's ambitious foray into the NFT space by acquiring RTFKT in 2021, which ultimately did not succeed as planned. After the shutdown announcement, one individual has taken it upon themselves to manage the remaining RTFKT operations.
A group of buyers are suing Nike for discontinuing its virtual show project RTFKT, claiming they were misled about the NFTs' value and legality.
The proposed class action lawsuit seeks over $5 million for alleged violations of consumer protection laws across multiple states.
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