Nike pulled the rug out from under investors, the complaint says. The post Nike Accused of ‘Misleading’ NFT Scheme In Lawsuit appeared first on Front Office Sports.

In the beginning, there was RTFKT, and if you took one look at the all-caps name and lack of vowels and thought, “This sounds like an NFT company,” you are absolutely correct. In late 2021, Nike purchased RTFKT with the idea of getting into the then-burgeoning NFT market;

A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.