Nike's acquisition and subsequent closure of RTFKT, an NFT-focused company, has triggered a legal response from NFT investors. They are suing Nike for over $5 million, claiming that the sudden shutdown adversely affected the value of their investments and violated consumer protection laws. The lawsuit raises important questions regarding the nature of NFTs and whether they are considered unregistered securities, indicating a murky legal landscape ahead for NFT investments and their classification, which could have broader implications for the industry.
Nike's unexpected closure of RTFKT has led NFT owners to file a class action lawsuit, citing consumer protection laws and seeking over $5 million in damages.
The plaintiffs argue that Nike's decision to shutter RTFKT caused significant financial harm, leading to claims that the rug was pulled out from under them.
The lawsuit also highlights broader implications regarding the classification of NFTs as unregistered securities, questioning whether investors would have participated had they known.
The circumstances surrounding the Nike case could reflect a trend in legal challenges within the NFT space, similar to DraftKings' recent lawsuit settlement.
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