NFT Hangover Hits Mainstream—lawsuits, low volumes drive Nike and others to retreat

Nike, Starbucks, and DraftKings are reducing NFT projects due to a market collapse. The lawsuits against Nike signify regulatory uncertainty and consumer disillusionment, indicating challenges in integrating NFTs into mainstream strategies.

Brands are now prioritizing sustainable, utility-driven digital assets rather than speculative NFTs. The reduced trading volume post-2021 highlights a significant market bubble burst, emphasizing the necessity for innovation in digital asset integration.