Once upon a time, in the strange and mysterious land of cyberspace, a crowd of disgruntled NFT collectors decided that their digital treasures had turned into nothing more than fancy pixie dust – and all because Nike waved goodbye to its curious little gadget factory called RTFKT.
According to the wise scribes at Reuters, a lawsuit was thrown into the bustling courtrooms of Brooklyn last Friday, accusing the mighty sportswear giant of pulling the rug from under hundreds of thousands of dollars’ worth of shiny, but entirely invisible, digital doodads.
The Aussie Hero Who Took On the Sneaker Behemoth
Jagdeep Cheema, a brave investor from the faraway land of Australia, has led a merry band of plaintiffs chasing a magical sum of at least $5 million. They claim that when Nike pressed the big red shutdown button on RTFKT last December 2024, their once-prized tokens turned into digital dust bunnies—tokens minted under the legendary Nike and RTFKT banners.
It’s said Nike broke a bunch of consumer spells across states like New York, California, Florida, and Oregon. The giant, still lounging in its Beaverton castle, hasn’t yet uttered a word to these accusations.
The $5 Million Question: Are NFTs Secretly Stocks in Sneaker Clothes?
Word from the parchment says Nike might have sold these shiny tokens without whispering the right financial enchantments to the regulators. And now, the whole kingdom’s scratching their heads: Are NFTs sneaky little securities to be tamed by the regulators—or just fanciful pictures on a screen?
The poor collectors were blindsided—Nike gave no heads-up when they yanked the plug. Suddenly, the NFTs started behaving like mischievous gremlins: their images vanished into thin air, replaced by gloomy “holding page” signs waving from the Cloudflare clouds. A nightmare for any digital hoarder!
“Had we known these were unregistered magic tokens, we wouldn’t have bought ’em!” cried the plaintiffs, stating boldly that if they’d known Nike’s fancy footwork would end so swiftly, their wallets would’ve stayed shut.
The Curse of the Disappearing Digital Artifacts
After the fateful December shutdown, NFT owners reported that beloved images from the Clone X wizardry began to vanish like spells gone wrong. Instead, a Cloudflare “holding page” appeared—like a ‘Gone Fishing’ sign on their digital treasures.
Whispers abound that Nike stopped paying the server goblins who kept these images alive. Some artworks popped back up later, but the trust in the value of wobbly digital art, tied to fickle centralized magic, was well and truly shattered.
A Tale of a Brief but Bright NFT Spark
RTFKT (pronounced “artifact” if you say it fast), was snatched up by Nike at the golden peak of NFT hysteria in December 2021. Nike hailed it as a grand leap into the future of fashion, gaming, and collectible wizardry.
Phillip Kim, the plaintiffs’ legal champion, remains mum for now, keeping his cards close to his sleeve.
In this wild west of digital wonders, many firms jumped aboard without a care or a caution. This lawsuit is a pointed finger, warning all dreamers about the peril of big corporate experiments gone wrong—especially when those giants ride off into the sunset, leaving poor digital pioneers clutching empty pixels.
Featured image Nike, chart from TradingView
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2025-04-27 12:44