When Big Brands Took the NFT Plunge and Face-Planted Hard 🤡

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Once upon a fevered pitch, titans like Nike, Starbucks, DraftKings, PUMA, and Reebok danced madly in the NFT ballroom—only to find themselves fleeing the scene, limping or vanishing as if chased by an angry demon.

What a curious spectacle! One might wonder if these blockchain baubles were some cursed relics, for as swiftly as they dazzled, they turned into slippery snakes in the corporate pockets—proof that putting shiny pixels on your balance sheet doesn’t guarantee eternal glory.

The Glittering Mirage of NFT Gold Rush

Back in the enchanted year of 2021, NFTs burst forth like a troupe of street magicians: fierce trading volumes, celebrities tossing their hats into the ring, and brands scrambling to catch this glittering comet before it burned out.

Nike, with the zeal of a czar, annexed RTFKT and proclaimed—virtual sneakers for the masses! Starbucks brewed up the Odyssey NFT concoction promising caffeinated adventures in the metaverse. DraftKings courted the NFLPA for their game Reignmakers, while PUMA and Reebok tried their own spells, summoning Super PUMA and NST2.

But like all mirages that vanish upon closer inspection, the frothy NFT market proved about as stable as a house built on papier-mâché. By the dark days of 2024, trading volumes had dive-bombed, projects fizzled, and the grand vision turned stale faster than yesterday’s bread.

The Great NFT Bubble Pop and the Scurrying Brands

Ah, Nike—long hailed the king of swooshes—closed shop on RTFKT in December 2024, only to be haunted by a furious mob led by Mr. Jagdeep Cheema in Brooklyn. The lawsuit wails that Nike magically transformed once-glorious NFTs, priced at 3.5 ETH (a princely $8,000), into near worthless trinkets at 0.009 ETH ($16)—a transformation more tragic than a Chekhov play.

Plaintiffs allege the sale of “unregistered securities,” netting a claim over $5 million. The mystery of whether NFTs are “securities” or simply digital nonsense continues to vex American courts with greater fervor than a Moscow winter.

Starbucks, no stranger to storms in teacups, scrapped their Odyssey journey barely two years in—proof that steaming coffee dreams don’t always blend with complex tech puzzles that make consumers run for the hills.

DraftKings threw in the towel on Reignmakers come summer 2024, sparking a $65 million headache from NFLPA, who argued that market woes don’t excuse skipping payments. One imagines them shaking fists victoriously amidst this contractual tragedy.

And what of PUMA and Reebok? Quiet as crypts. The Super PUMA and NST2 projects were like fireworks—bright flashes followed by nothing but smoke and awkward silence. Their silence is the sort that screams caution as this NFT soap bubble deflates with a hiss.

Why the Sudden Retreat? NFTs or Artful Disappearing Acts?

Here’s the rub: markets flooded with uninspired, soulless projects turned the streaming river of cash into a trickling puddle.

Legal creepers lurk around every corner, ready to pounce at the slightest misstep in this foggy regulatory swamp.

Technical gremlins sabotaged trusted platforms, leaving digital sneakerheads sadly staring at blank screens once Nike pulled the plug.

And lest we forget, soaring blockchain fees and the ever-nagging green finger wagging at Ethereum’s carbon footprint turned away both queens and commoners alike.

But despair not, dear reader! This is not the finale but merely a change of scene. NFTs are not dead, just shifting from wild chaos to something more sober—perhaps even useful, dare one say.

“The next wave of growth isn’t about chasing a trend—it’s about unlocking new types of ownership and access that feel native to the internet generation,” mused Alexander Salnikov, co-founder of Rarible, with the measured tone of a man who’s seen too many digital carnival rides crash.

The future belongs to those who can offer real, tangible magic—loyalty perks that don’t vanish into the ether, game assets that customers actually need, and a clever mashup of physical and digital delights that keep one foot (or sneaker) firmly on the ground.

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2025-04-28 15:43