Nike is in turmoil. Accused of having abandoned its investors NFT after the sudden closure of its Crypto RTFKT division, the giant of the sport faces collective action in the United States. More than $ 5 million are claimed for misleading practices and sale of unregistered securities.
In short
- Nike is prosecuted for having suddenly closed RTFKT, causing important losses to NFT investors.
- The case relaunches the debate on the legal qualification of NFT as financial titles in the United States.
- This trial could mark a turning point for the regulation of digital assets in the crypto sector.
Nike pursued in court after the closure of its Crypto RTFKT unit
Nike faces collective action in the United States after having suddenly closed RTFKT, its division specializing in NFT and crypto assets. The complainants, led by the Australian Jagdeep Cheema, claim more than $ 5 million in damages, invoking violations of consumer protection laws in New York, California, Florida and Oregon.
The complaint, filed before a Federal Court in Brooklyn on April 25, accuses Nike of having sold titles not recorded in the form of NFT, before ” pull the carpet under the feet »Buyers in brutally closing RTFKT. According to the complainants, if the risks had been properly communicated, they would never have invested in these digital tokens, or at much lower prices.
The NFT market again shaken!
This unexpected closure has greatly depreciated the value of the NFT linked to RTFKT, leaving many buyers in uncertainty. The case also raises a burning question in the crypto world: should NFT be considered as financial securities subject to American regulations? The Nasdaq is precisely pressure on the dry so that this regulation is effective. For the moment, Nike has not commented on the matter and the complainant's lawyer, Phillip Kim, has also remained discreet.
As a reminder, Nike had acquired RTFKT in December 2021, welcoming its innovative approach combining mode, culture and gaming universe. But on December 2, 2024, the sports equipment supplier discreetly announced the end of the RTFKT integration process, stating that the brand's heritage would survive through other creators and projects.
This trial against Nike therefore illustrates the growing challenges encountered by major brands when they venture into the still vague and risky sector of NFT and crypto. The outcome of this case could well influence the regulatory future of digital assets in the United States, which is hoped for favorable under the reign of Paul Atkins.
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