{"id":22443,"date":"2025-04-28T10:49:16","date_gmt":"2025-04-28T10:49:16","guid":{"rendered":"https:\/\/metaverseplanet.net\/blog\/?p=22443"},"modified":"2025-12-29T11:15:53","modified_gmt":"2025-12-29T11:15:53","slug":"nike-faces-5-million-lawsuit-over-rtfkt-nft-shutdown","status":"publish","type":"post","link":"https:\/\/metaverseplanet.net\/blog\/nike-faces-5-million-lawsuit-over-rtfkt-nft-shutdown\/","title":{"rendered":"Nike Faces $5 Million Lawsuit Over RTFKT NFT Shutdown"},"content":{"rendered":"\n

Nike<\/strong>, which previously acquired the NFT platform RTFKT<\/a><\/em><\/strong>, is now facing a $5 million lawsuit<\/strong>. Buyers of the digital assets accuse Nike of committing a rug pull<\/strong>, a type of crypto fraud<\/strong> where project creators abandon a venture after driving up the asset value, leaving investors with worthless tokens.<\/p>\n\n\n\n

Last year, Nike announced its plan to shut down RTFKT’s operations<\/strong>. Following this move, a group led by Jagdeep Cheema<\/strong> filed a lawsuit against the company. The plaintiffs claim that they would not have purchased the NFTs if they had known they were unregistered securities<\/strong>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In the lawsuit filed in the Eastern District of New York<\/strong>, Nike is accused of violating consumer protection laws<\/strong> in New York, California, Florida<\/strong>, and Oregon<\/strong>. The group seeks over $5 million<\/strong> in damages, citing significant losses after Nike promoted sneaker-themed NFTs to attract investors, only to shut down the platform shortly afterward.<\/p>\n\n\n\n

Nike initially entered the NFT market<\/strong> by acquiring RTFKT<\/strong> in 2021. However, after the venture failed to meet expectations, Nike decided to exit the space. In December, Nike announced via its RTFKT X account<\/strong> that it planned to fully terminate RTFKT’s activities<\/strong> by the end of January. Currently, the platform appears to be operated by a single individual, Samuel Cardillo<\/strong>, who recently commented on the sudden disappearance and reappearance of artwork related to the CloneX NFT project<\/strong>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

According to reports, Nike\u2019s NFT collection was initially sold for an average of 3.5 Ether<\/strong> (approximately $8,000<\/strong> at the time) when first listed on April 18, 2022. However, by April 21, 2025, OpenSea<\/strong> data shows that the same NFTs are trading for about 0.009 Ether<\/strong>, roughly $16<\/strong> \u2014 a staggering decline in value.<\/p>\n\n\n\n

This case unfolds amid a broader market trend. The NFT market<\/strong> witnessed a sharp downturn<\/strong> in the first quarter of 2025. Global NFT sales dropped by 63%<\/strong>, falling from $4.1 billion<\/strong> in Q1 2024 to $1.5 billion<\/strong> in the January-March period of 2025.<\/p>\n\n\n\n

You Might Also Like;<\/h3>\n\n\n
    <\/ul>","protected":false},"excerpt":{"rendered":"

    Nike, which previously acquired the NFT platform RTFKT, is now facing a $5 million lawsuit. Buyers of the digital assets accuse Nike of committing a rug pull, a type of crypto fraud where project creators abandon a venture after driving up the asset value, leaving investors with worthless tokens. Last year, Nike announced its plan …<\/p>\n","protected":false},"author":1,"featured_media":22444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAown96uCw:productID":"","footnotes":""},"categories":[309],"tags":[316],"class_list":["post-22443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-web3new","tag-nft"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/posts\/22443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/comments?post=22443"}],"version-history":[{"count":0,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/posts\/22443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/media\/22444"}],"wp:attachment":[{"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/media?parent=22443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/categories?post=22443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/metaverseplanet.net\/blog\/wp-json\/wp\/v2\/tags?post=22443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}