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Nike Hit With $5M Lawsuit as Investors Cry Foul Over RTFKT Shutdown—’Digital Sneaker Rug Pull’ Alleged
Nike Hit With $5M Lawsuit as Investors Cry Foul Over RTFKT Shutdown—’Digital Sneaker Rug Pull’ Alleged
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Nike’s Web3 ambitions face legal blowback after abrupt closure of RTFKT sparks investor fury. Plaintiffs claim the sportswear giant ’pulled the metaverse rug’—leaving NFT holders with worthless pixelated Jordans.
Legal docs allege Nike quietly abandoned its digital collectibles play while cashing in on blockchain hype. Another case of corporate crypto tourism gone wrong—who could’ve predicted?
The case spotlights growing tension between Web3’s decentralization promises and old-school corporate control. Nike’s still betting big on .SWOOSH, but trust in brand-led NFT projects? That’s deflating faster than a post-hype bubble.
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