A new class-action lawsuit against Nike could have far-reaching implications for the NFT market, as plaintiffs accuse the company of selling unregistered securities through its now-shuttered RTFKT platform.
The complaint, filed in Brooklyn federal court, alleges Nike misled investors by marketing NFTs tied to its brand—only to abandon the project, causing financial harm.
Legal experts say the case hinges on whether Nike’s NFTs qualify as securities under the Howey Test. The plaintiffs argue that because the tokens’ value depended on Nike’s promotional efforts, they should have been registered with the SEC.
“Nike’s actions mirror a classic ‘pump-and-dump’ scheme,” the lawsuit claims, seeking $5 million in damages.
If successful, the suit could prompt stricter scrutiny of celebrity and corporate-backed NFT projects, forcing brands to rethink how they structure digital asset sales.
