Ah, the wonders of the metaverse! Where reality takes a backseat and dreams are built on… well, pixels and hashtags. And here we have Nike, the titan of sneakers and swooshes, diving headfirst into this ethereal world of non-fungible tokens (NFTs), only to trip over its own laces. In 2021, the sportswear giant made a rather splashy purchase—RTFKT Studios, a company that was essentially the cool kid on the blockchain block, churning out digital sneakers, memes, and collectibles that somehow caught fire in the hearts (and wallets) of crypto investors.
Fast forward to December, when Nike made the executive decision to pull the plug on its metaverse venture, as if it had just realized it was sitting on a hot seat in a room full of over-caffeinated investors. Now, the chickens have come home to roost, and the feathers are flying.
Enter Jagdeep Cheema, an Australian resident who must have been sipping on more than just a morning coffee when he decided to rally a band of disgruntled investors. They’ve filed a lawsuit, claiming they’ve been taken for a ride—a rather expensive one—because the value of their Nike-themed NFTs and other crypto treasures plummeted faster than a bad meme after the announcement that RTFKT would be shutting down its operations.
And here comes the kicker: according to the plaintiffs, they wouldn’t have spent their hard-earned (or rather, digital) money on these NFTs if they’d known the tokens were unregistered securities. Because, of course, that’s the way the crypto world works: sell first, ask questions later. The legal status of NFTs still hangs in limbo like an awkward guest at a party no one invited, and various lawsuits are now pondering whether these digital assets are actually securities. Oh, the irony of modern finance!
The plaintiffs are accusing Nike of committing a classic “rug pull,” that charming maneuver where you walk into a shiny new project only to find that the rug has been yanked out from under you, leaving you with nothing but a sad little JPEG and a sense of betrayal. Nike’s alleged crime? Creating a digital wasteland of worthless assets for investors. Well, that’s one way to make your virtual shoes *fall apart*.
Now, the investors are looking for compensation—more than $5 million in damages, to be precise—for the supposed violation of consumer laws in New York, California, Florida, and Oregon. Because what else could soothe the sting of virtual betrayal but a nice fat check?
As of yet, Nike has not issued a statement on the lawsuit. Maybe they’re too busy designing a new pair of shoes for the metaverse. Who knows?
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2025-04-27 22:07