Nike and big big brands japa comot for NFT market as law palava, government rules, and market no good
Nike and plenty other big consumer brands, like Starbucks, DraftKings, Puma, and Reebok, dey comot from the NFT market. This na because market activity don reduce, plenty wahala don show for court, and di rules dem no clear. Before, NFT projects like Nike’s RTFKT and Starbucks’ Odyssey bin popular well well during the 2021 NFT boom, but by late 2024, di amount of trading don fall yakpa. Global NFT sales don drop 63% from last year by Q1 2025. Nike close down dia RTFKT NFT platform for December 2024, and after dat, pipo go court with class-action lawsuit say dem sell wetin no register and break consumer law. This one show say law pipo dey watch well well now. DraftKings too dey face $65 million lawsuit because of dia Reignmakers NFT game, while Starbucks stop dia Odyssey NFT program after just two years. Di common reasons wey make dem comot na because di market don full, pipo no too dey interested again, di cost of trading high, technology get wahala, and pipo dey worry about environment. Even with di plenty companies wey don comot, experts for di industry say NFT sector fit change go models wey focus on usefulness and following di rules. These developments show big change for how companies see digital assets, make crypto traders think again about di risks and opportunities for NFT and branded digital collectibles investments.
Bearish
Di as news show, big big brand dem dey komot comot from NFT business, because people no too dey trade am again, court case palava plenty, and government rules dey tight. Court cases wey dem file against Nike and DraftKings, plus as Starbucks and some other company stop dia NFT project dem, show say dis branded NFT investment get plenty risk and wahala. For traders, dis one mean say dem no too trust di future value and how easy e go be to sell NFT wey big consumer brand get. Since company dem no too dey involve again and investors mind no good, NFT price fit no move or e go even fall more for small time. Wetin go happen for long time fit depend on if di system go change to favor wetin NFT fit do and if e go follow rules, but as things be now, e show say NFT market and related tokens no go do well.