<ul><li>A group of NFT holders has filed a class-action lawsuit against Nike, accusing the company of conducting a 'rug pull' with its RTFKT platform.</li><li>The lawsuit alleges that Nike promoted sneaker-themed NFTs, profited from sales, and then abruptly shut down the platform, leaving investors with worthless digital assets and substantial losses.</li><li>Plaintiffs claim that the Nike NFTs qualify as unregistered securities under the Howey Test and accuse Nike of violating U.S. securities laws.</li><li>The NFT values plummeted after the promised features such as forging, peer-to-peer trading, and community challenges were scrapped following the shutdown of RTFKT.</li></ul>

Nike Faces $5M Lawsuit Over Alleged RTFKT NFT Rug Pull

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