A class-action case has been filed against the world famous sportswear brand Nike, alleging that the company has violated the rights of consumers by shutting down its NFT Platform RTFKT and has caused a renewable damage. The case has demanded a $ 5 million compensation from NIKE, alleging that the company has closed its NFT Platform and conducted a “Rug Bridge” operation.
NFT Investors suffered a big loss
RTFKT was a popular NFT Platform, which was a popular NFT platform in 2021, which sold virtual sneakers and digital cloths. NIKE introduced separate NFT collections through RTFKT, using its marketing and popular brand. One of these major collections was ‘Cryptokicks’, which included digital sneakers, which also offered users a chance to participate in other benefits and challenge.
The trial claimed that NIKE inspired Investors to buy RTFKT’s NFT in the hope that its price would grow in the future, as it was connected to the brand of NIKE. But when NIKE shut down the RTFKT in January 2025, the NFT Worth declined a major decline, causing the investors to suffer a financial loss.
NFT Platform RTFKT Roke after shutdown Safety issues
After the closure of the NFT Platform RTFKT, the issue became even more serious because the legal status regarding NFTs is not yet clear. The trial alleges that NIKE sold its NFTs without proper registration, which may be a violation of the Rules of the American Securities and Exchange Commission (SEC). However, in a letter written by Opensea on 9 April 2025 Opensea had demanded from sec, NFT Marketplaces should get discountsIn which it was said that NFTs should be kept out of Federal Security Law, because they do not match the legal defense safety.
At the same time, the lawsuit also accuses the consumer protection law and violation of different state trade and competition law. However, the US court has not yet decided whether the NFTs should be considered legally safe or not. Nevertheless, in this case it has been said that the court does not need to take decisions on the legal condition of NFTS, but only the decision should be taken whether Nike has cheated its customers or not.
Given the closure of RTFKT and the financial loss of investors, the suit raises a big question of how digital assets and NFTs can be reserved under consumer safety law. During the hearing of the case, it will be clear whether NIKE can be held responsible for its business decision against its consumers.
Conclusion
After shutdown by RTFKT NFT Platform by NIKE, a class-action case of $ 5 million has been filed, alleging that the company cheated investors by selling NFTs without proper registration and has caused financial damage. The case raises important questions on the legal status of digital assets and NFTs, while NIKE is also accused of violating consumer safety law. The court’s decision will decide whether Nike can be held responsible against its customers. Along with this, if you want to get more information related to NFT, then you can go to our NFT Information section, where you Why is the trend getting trend with Fund NFT? You will get to read such news.
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