Nike is currently defending a class action lawsuit over its non-fungible tokens (NFTs), with class representatives claiming damages of more than $5 million. The complaint alleges the scheme violates consumer protection laws in all 50 states. The gist of the complaint is that Nike’s NFTs were, in fact, unregistered securities,...
Is this the effect Nike intended when it decided to launch into the metaverse? Let’s be honest—the NFT universe sometimes feels like the Wild West. Taking shortcuts and treating them as risk-free investments will take you directly off a cliff. This lawsuit, spearheaded by an Australian resident, Jagdeep Cheema, feels...
We all saw the hype. That promise of the metaverse, of owning a piece of the future, personified by those digital sneakers and avatars. Nike, a brand otherwise synonymous with innovation and aspiration, took the plunge into NFT marketplace with its acquisition of RTFKT. Now, with a lawsuit looming and...
NFTs offer a lot of creative opportunities, but the world is a legal minefield. Of the high profile cases, perhaps the most watched is Nike’s lawsuit against StockX, in which Nike is seeking $5 million in damages. This is not as simple as a spat between two large corporations, though...
Nike's getting sued. Big deal, right? Corporations face lawsuits all the time. This is the fallout from the RTFKT shutdown and claims of unregistered securities. It has the potential to ignite a tectonic change for the entire crypto ecosystem. We're talking potential market crash. And here’s what you need to...
Nike is being sued for more than $5 million in damages after it abruptly shut down its RTFKT unit last December. Buyers, led by an unnamed Australian plaintiff, claim millions in damages from the shutdown. They accuse Nike of violating consumer protection laws in dozens of states.The legal wrangling follows...
I've always been fascinated by chess. It’s an art of planning, vision, and taking smart leaps. Each time you move, you expect your opponent’s counter-move, and the move after that, always several steps ahead. What do you do when the board is switched out without warning, the game played is...
After Adidas, Nike took possibly the biggest step into the NFT space. This unprecedented move has stunned investors and sparked a still-developing, potentially historic lawsuit. In December 2021, Nike purchased RTFKT, a startup platform that creates NFTs. This announcement was a huge leap forward for enterprise brands, as they too...
