Nike Ends RTFKT NFT Project Amid Legal Challenges
- Myah Barker
- June 9, 2025
- NFT
- 0 Comments
Key Points:
- Main event, leadership changes, market impact, financial shifts, or expert insights.
- Nike halts RTFKT operations in early 2025.
- Legal action alleges deception by Nike and RTFKT.
In a significant development, Nike announced it will cease support for its RTFKT NFT projects by January 2025, sparking a class-action lawsuit in New York alleging a rug pull.
The Nike and RTFKT decision ends ecosystem backing, leading to market instability and legal scrutiny.
Nike acquired RTFKT Studios in a move that promised innovation in NFTs. However, announcements made through social media declared their operational end by January 2025. This cessation sparked claims against Nike for halting projected support after deriving profits. RTFKT’s NFT holders noticed an immediate financial downturn as secondary market liquidity collapsed. Assets traded on platforms like Ethereum saw sharp declines, leading to significant losses for investors. Outside of the Nike realm, NFT rug pulls have surged, leading to large financial impacts across the crypto sphere. Reports indicate a dramatic rise in losses attributed to fraudulent NFT activities in early 2025. The class-action lawsuit highlights broader industry implications, including tighter regulations. Historical trends suggest renewed scrutiny on NFT ventures, marking an uneasy watch on subsequent legal precedents. Law enforcement’s legal pursuits are evident with the indictment involving two Californians over a substantial NFT fraud, emphasizing the continued regulatory focus. Expert commentators advocate for greater transparency and due diligence in NFT investments to mitigate such risks. “This indictment marks the largest NFT scheme prosecuted to date, highlighting our commitment to combating digital asset fraud.” — U.S. Department of Justice, DOJ ReleaseNike and RTFKT History
Industry Impact and Legal Concerns
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The content on nftenex.com is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.
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