Nike’s NFT platform has shut down. Nike has faced a class-action lawsuit accusing the sportswear giant of conducting a rug pull by shutting down its non-fungible token (NFT) platform RTFKT in January. A coalition of RTFKT users, headed by Jagdeep Cheema, filed the proposed class action in a Brooklyn federal court on April 25, stating that they experienced “significant damages” after Nike promoted its sneaker-themed NFTs to attract investors and subsequently closed the platform.
