Nike has officially closed the digital sneaker company RTFKT, which it acquired during the NFT boom. Following this closure, a class action lawsuit has emerged claiming that customers were misled about Nike NFTs being unregistered securities. The lawsuit demands damages exceeding $5 million. Concurrently, information surfaces that around 30,000 NFTs were lost due to a service error, with efforts underway by Ar.io to migrate remaining assets to a stable decentralized storage solution. This situation raises critical concerns about the durability of NFTs and the legal landscape surrounding them.
Nike's abrupt closure of RTFKT, following class action lawsuits regarding unregistered securities, highlights the volatile nature of the NFT market and its legal implications.
Phil Mataras, CEO of Ar.io, emphasizes the importance of decentralization to prevent losses like those experienced by RTFKT, warning against the risks of relying on centralized storage.
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