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Nike Faces Class Action Lawsuit Over Alleged NFT Market Disruption
Nike Faces Class Action Lawsuit Over Alleged NFT Market Disruption
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Nike confronts legal backlash as disgruntled NFT investors file a $5 million class action lawsuit following the abrupt shutdown of its RTFKT digital asset division. The plaintiffs allege catastrophic devaluation of their Nike-themed NFTs after the December 2024 termination, spotlighting unresolved regulatory questions about whether such assets constitute securities.
The case, spearheaded by Australian investor Jagdee Cheema in New York courts, accuses the sportswear giant of violating consumer protection statutes across four U.S. states. This litigation emerges as the NFT sector grapples with its identity crisis—caught between being collectibles and potential financial instruments.
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