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NFT Hangover Hits Mainstream—Lawsuits, Low Volumes Drive Nike and Others to Retreat
NFT Hangover Hits Mainstream—Lawsuits, Low Volumes Drive Nike and Others to Retreat
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The NFT market, once a darling of mainstream adoption, faces a reckoning as major brands scale back their initiatives. Nike’s acquisition of RTFKT for virtual sneakers, Starbucks’ Odyssey program, and DraftKings’ Reignmakers game with the NFLPA now appear as cautionary tales rather than success stories. Volatility has eroded confidence in blockchain-based assets as sustainable revenue streams.
Data from Dune Analytics reveals a stark decline in trading volumes since the 2021 peak. What began as a gold rush fueled by celebrity endorsements and speculative frenzy has given way to legal challenges and dwindling consumer interest. The retreat underscores the difficulty of integrating Web3 concepts into traditional business models.
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