Nike is facing a lawsuit from NFT buyers who say they lost money when the company closed its digital asset division. The buyers, led by Jagdee Cheema from Australia, filed a class action lawsuit in New York. They claim that the value and demand for their NFTs collapsed after Nike shut down its RTFKT unit in December 2024. The unit had created Nike-themed NFTs and crypto assets. The lawsuit seeks over $5 million in damages for violations of consumer protection laws in New York, California, Florida, and Oregon.
In December 2021, Nike acquired RTFKT with the goal of creating the next generation of collectibles by combining cutting-edge technology and cultural trends. Although RTFKT officially closed in December 2024, Nike stated that its impact would continue through the creators and projects it inspired.
In March 2025, the Rosen Law Firm announced an investigation into potential claims on behalf of buyers of Nike-themed NFTs issued by RTFKT. The law firm is preparing a class action lawsuit to help investors recover losses, with payment required only if they win. The investigation is part of a larger legal battle over the decrease in value of Nike NFTs, with claims seeking more than $5 million in damages.
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