Nike Sued For Closing Its NFT Platform RTFKT

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Nike, one of the largest world fashion brands in the world and once a crypto market investor, is served with a class action lawsuit for abandoning Nike-themed consumers themed inconsistent tokens and other crypto items. NFT and Crypto entrepreneurs have complained that they suffered massive losses after the closing of the RTFKT, the Digital Asset Incubation Studio, and NFT Marketplace.

Nike faces a $ 5M lawsuit from investors claiming a sudden shutdown of NFT Venture that has caused heavy financial losses.#Nike #Nfts

– cryptonews.com (@cryptonews) April 28, 2025

Fashion brand Nike has filed a closing RTFKT

On Friday, April 26, 2025, a crypto group and non -participating investors, led by Australian resident Jagdeep Cheema, filed an action in class before Brooklyn, New York, Federal Court against Nike. In the proposed charge sheet, these investors complained that they had suffered massive losses when the athletic wear of the company and the fashion brand 'Nike' suddenly closed RTFKT, the business that created Clone X Digital Assets.

NFF -themed NFT investor started to get angry last week after a heated debate exploded in X after some crypto users and unimaginable token noticed a strange Clone X error that was not token collections. In the Clone X NFT collection, there is no visible art, with non -token holders with only broken damaged links and NFT production numbers. Nike defends the error, blaming Cloudflare for restricting access to artwork for the Clonex NFT collection.

> Be Clonex
> Make $ 81.3m from NFT sale
> Get another $ 37.8m from the royalties
> AirDrop sneaker coupons
> Be quiet
> I -shut down
> Do not pay for servers
> Left holders with a broken link and a dream pic.twitter.com/RSWXHRTWTE

– Pix🔎 (@pixonchain) April 24, 2025

Established once in 2020, RTFKT was a digital asset incubation studio, identified in the NFT market for the seizure of in-game engines, world class design, and AR to create one-of-a-type digital assets. RTFKT has begun an increase in popularity after the launch of the Clone X non-fungible token collection. Clone X is an NFT collection featuring a limited edition of 20,000 NFTs that are raised on the Ethereum blockchain network.

The Clonex NFT collection continued to gain traction with merchants, with a value of the floor price falling to record heights. At this time, Clone X recorded some jaw sale from the most popular NFT. At the top of the list is Clone X #4594, which sells for 450 ETH in 2022. Clone X #13134 sold for 368 ETH. The rest of the top 10 most expensive Clone X NFT has exchanged over $ 500,000 worth of ETH.

By the time 2021 rolled around and the NFT craze reached the fever, RTFKT became a huge hit that Nike got it before the end of the year. The NFT Studio continued to establish itself in 2021, selling more than $ 3.1 million worth of NFT sneakers. Apart from the popular Clonex NFT collection, RTFKT has since launched many NFT collections, including the Cryptokicks NFT collection.

Through its time in the Limelight of the Web3, the RTFKT NFT Studios has shown an in-depth understanding of how hype power is used and seizure it with long-term success. Before exiting the NFT market, the NFT Studio RTFKT made more than $ 5 million from the sale of invisible token collections and other crypto properties. The iconic fashion brand 'Nike' closed the NFT Studio RTFKT on December 2, 2024.

pic.twitter.com/ysshpa0i7r

– RTFKT (@rtfkt) December 2, 2024

NFT entrepreneurs want their funds

In the case “Cheema V Nike Inc, US District Court, Eastern District of New York, No. 25-02305,” Nike consumers themed unseen tokens and other cryptocurrency assets sought unspecified injuries of more than $ 5 million for alleged violations of New York, California, Florida and Oregon Consumer Laws. However, these NFT entrepreneurs are very sorry to trust Nike.

To a short presser with ReutersThey said they could no longer buy NFTs at the prices they made, or at all, they knew the tokens were unregistered security, and Nike would “cause the rug to pull from under them.” Meanwhile, Nike, based in Beaverton, Oregon, did not respond to the requests for comment. Phillip Kim, a lawyer for the plaintiff, also refused to comment.