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BusinessMember

Nike faces five million dollar lawsuit over closure of crypto business

Nike is facing a proposed class action lawsuit in regards to the closure of its cryptocurrency business, RTFKT. Plaintiffs in the case are accusing the sportswear giant of leaving them with significant losses after the platform’s shuttering caused demand for their non-fungible tokens (NFTs) to wane. Filed with the Eastern District of New York,...

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Can blockchain and NFC chips put an end to counterfeiting and idea theft in the fashion industry?

The fashion industry is facing a double threat: a rise in counterfeiting that eats into their profits and a fast-fashion culture that copies designs with impunity. But blockchain offers a glimmer of hope. Or rather, a concrete answer. Blockchain: Tracking a fashion item’s entire journey A blockchain is essentially “a large, public, distributed...

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