Latest news with #Nike-themed
Associated Press
30-04-2025
- Business
- Associated Press
ROSEN, SKILLED INVESTOR COUNSEL, Encourages Purchasers of Nike NFTs Issued by RTFKT, Inc. to Inquire About Class Action Investigation
New York, New York--(Newsfile Corp. - April 30, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential state and federal law claims on behalf of purchasers of Nike-themed non-fungible tokens ('NFTs'), crypto collectibles, or other crypto assets ('The Nike NFTs') issued by RTFKT, Inc. SO WHAT: If you purchased Nike NFTs issued by RTFKT, Inc., you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. WHAT IS THIS ABOUT: On December 2, 2024, RTFKT announced on the platform X, its plan to wind down RTFKT operations, injuring investors holding NFTs promoted by Nike. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] To view the source version of this press release, please visit
Associated Press
30-04-2025
- Business
- Associated Press
ROSEN, LEADING TRIAL ATTORNEYS, Encourages Purchasers of Nike NFTs Issued by RTFKT, Inc. to Inquire About Class Action Investigation
New York, New York--(Newsfile Corp. - April 29, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential state and federal law claims on behalf of purchasers of Nike-themed non-fungible tokens ('NFTs'), crypto collectibles, or other crypto assets ('The Nike NFTs') issued by RTFKT, Inc. SO WHAT: If you purchased Nike NFTs issued by RTFKT, Inc., you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. WHAT IS THIS ABOUT: On December 2, 2024, RTFKT announced on the platform X, its plan to wind down RTFKT operations, injuring investors holding NFTs promoted by Nike. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] To view the source version of this press release, please visit
Forbes
29-04-2025
- Business
- Forbes
Nike, Starbucks And Co Exit NFTs But Crypto-Natives Remain Put
Nike is facing a $5 million lawsuit from a group of people who bought its Nike-themed non-fungible tokens. The report follows the global footwear and apparel giant's closure of its RTFKT (pronounced artifact) unit in December 2024. It comes at a time when NFT transaction volumes have fallen to record lows despite the recent resurgence in the crypto market. A handful of other mainstream brands and crypto companies have also closed their NFT projects including Starbucks and DraftKings, while X2Y2, at some point was one of the biggest NFT marketplaces said it is pivoting to crypto AI. However, not all believe that the current state of the NFT market spells curtains for the industry, with Solana-based decentralized exchange platform Jupiter consolidating its strategy for the crypto industry with the acquisition of digital collectibles platform DRiP Haus. The NFT market fell 24% in the first quarter of 2025 to $1.5 billion compared to the preceding quarter, according to a DappRadar report. However, the number of sales was down 10%, implying a substantial decline in the average price for NFTs sold versus the quantity. The $1.5 billion trading volume recorded between January and March 2025 is just a fraction of the $5.7 billion recorded for the final week of January 2022, when the industry was at its peak, as per Token Terminal data. The Token Terminal also shows that whilst NFT trading volume fell by 24% in the most recent quarter compared to Q4 2024, there was a significant improvement over the past two quarters when compared to the preceding two. That surge was linked to the general positivity surrounding the crypto market in the wake of President Trump's election. But even such optimism could not prevent Nike from implementing its previously rumored course of action of shutting down RTFKT. In December, RTFKT announced via Musk's X platform that it was winding down its NFT business. In January, the company concluded its creative journey with the launch of the MNLTH X Blade Drop, released in collaboration with the 3D-printing footwear manufacturer Zellerfeld. Last week, images of CloneX NFTs on the NFT marketplace OpenSea temporarily disappeared after Cloudflare downgraded the account responsible for serving the files. The CloneX NFT collection is one of the biggest by sales volume on RTFKT's portfolio with 470,434.88 ETH, according to CoinMarketCap data. At the peak of the NFT boom, Nike was reported to be the best-performing mainstream brand in the industry, generating $185 million from NFT sales as of June 2022. Just over two and a half years down the line, and nearly four months after news that RTFKT was shutting down, the company is now facing a $5 million lawsuit from a group of people who purchased its NFTs. In the class action filed in Brooklyn, New York federal court on Friday, the purchasers claim the closure of Nike's RTFKT platform caused the demand for their NFTs to dry up, Reuters reported. Nike is not the only mainstream brand that is moving away from NFTs. In March 2024, Starbucks officially closed its NFT royalty program. In the preceding month, Gamestop also closed its NFT marketplace, just months after removing support for its NFT wallet. In both cases, Gamestop pointed to continuing regulatory uncertainty in the crypto industry. Last month, NFT marketplace X2Y2, which once was among the biggest platforms by transaction volume also said it is closing its NFT business to focus on decentralized artificial intelligence. The company pointed to the declining NFT transaction activity as the main reason for its decision. The company said NFT trading volume had fallen 90% from its all-time highs. While some of the biggest brands seem to be retreating from NFTs, some crypto-native companies have chosen to stay, and are now, consolidating their positions in the space. Earlier this month, Solana DEX platform Jupiter said it is acquiring digital collectibles platform DRiP Haus, as part of a broader strategy of upgrading the platform into a 'super app'. Web3 super apps are decentralized applications that offer different services within a single platform, including token trading, NFTs, payments and cryptocurrency swaps. 'We don't believe it,' Jupiter's Kash Dhanda told CoinDesk about claims that NFTs are dead. 'We think NFTs are here for the long term.' Other NFT projects like Pudgy Penguins and Doodles have shown what could be the next evolution of NFTs, by expanding their their strategy into gaming and launching tokens. While PFP NFTs still dominate sales with about 56% of volume, as per DappRadar, sales have been falling more drastically compared to gaming NFTs, which are second in transaction activity. Last October, Pudgy Penguins announced it is developing a AAA blockchain game 'Pudgy Party' set to debut on iOS and Android in 2025. The company also launched the PENGU token, with 25.9% distributed to the Pudgy community, which includes Pudgy Penguins, Lil Pudgys, and Pudgy Rods NFT holders. In February this year, Doodles also announced it is launching a Solana-based token, DOOD, as part of an expanded NFT strategy that positions the brand as an entertainment company focused on immersive storytelling. The token will later launch on Coinbase's Ethereum layer-2 blockchain Base.
Business of Fashion
27-04-2025
- Business
- Business of Fashion
Nike Sued Over Closure of Crypto Business
Nike was sued on Friday by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets who said they suffered significant losses when the athletic wear company abruptly closed the business that created those assets. In a proposed class action filed in Brooklyn, New York federal court, purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike's RTFKT unit caused demand for their NFTs to dry up. They said they would never have bought the NFTs at the prices they did, or at all, had they known the tokens were unregistered securities, and that Nike would 'cause the rug to be pulled out from under them.' Nike, based in Beaverton, Oregon, did not immediately respond to requests for comment. Phillip Kim, a lawyer for the plaintiffs, declined to comment. The legal status of NFTs is unsettled, and there has been much litigation over whether they are securities under federal law. Friday's lawsuit sought unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws. Nike bought RTFKT, pronounced 'artifact,' in December 2021, saying the fashion brand was leveraging 'cutting edge innovation to deliver next generation collectibles that merge culture and gaming.' It announced RTFKT's since-completed wind down on Dec. 2, 2024, while projecting that the innovation RTFKT represented would live on through the 'countless creators and projects' it inspired. The case is Cheema v Nike Inc, US District Court, Eastern District of New York, No. 25-02305. By Jonathan Stempel; Editor Cynthia Osterman Learn more: Nike-Owned Virtual Sneaker Brand RTFKT Is Shutting Down The virtual sneaker and fashion brand will cease operations at a moment when Nike is reassessing priorities under new CEO Elliott Hill.
Fashion Network
26-04-2025
- Business
- Fashion Network
Nike sued over closure of crypto business
Nike was sued on Friday by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets who said they suffered significant losses when the athletic wear company abruptly closed the business that created those assets. In a proposed class action filed in Brooklyn, New York federal court, purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike's RTFKT unit caused demand for their NFTs to dry up. They said they would never have bought the NFTs at the prices they did, or at all, had they known the tokens were unregistered securities, and that Nike would "cause the rug to be pulled out from under them." Nike, based in Beaverton, Oregon, did not immediately respond to requests for comment. Phillip Kim, a lawyer for the plaintiffs, declined to comment. The legal status of NFTs is unsettled, and there has been much litigation over whether they are securities under federal law. Friday's lawsuit sought unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws. Nike bought RTFKT, pronounced "artifact," in December 2021, saying the fashion brand was leveraging "cutting edge innovation to deliver next generation collectibles that merge culture and gaming." It announced RTFKT's since-completed winddown on December 2, 2024, while projecting that the innovation RTFKT represented would live on through the "countless creators and projects" it inspired. The case is Cheema v Nike Inc, U.S. District Court, Eastern District of New York, No. 25-02305.
