A class-action lawsuit has been filed against sportswear giant Nike, alleging they unfairly wiped out the value of NFTs purchased from their RTFKT digital collectibles arm. The suit, filed in New York, was brought by Australian investor Jagdeep Cheema on behalf of a group of buyers who claim they lost hundreds of thousands of dollars due to the abrupt closure of the program in December 2024. The lawsuit claims that Nike’s decision to shutter RTFKT without warning led to a significant devaluation of the NFTs, leaving investors facing substantial financial losses. Buyers allege they were not informed about the unregistered nature of these assets and thus would not have purchased them had they known the risk. The plaintiffs seek damages of at least $5 million, alleging Nike violated consumer protection laws in multiple states.