是NFTS證券嗎？耐克面臨涉嫌“軟地毯拉”的集體訴訟

由於尚未提供定義或框架的美國證券交易委員會（SEC），答案仍然難以捉摸。

Are digital assets considered securities? With the U.S. Securities and Exchange Commission (SEC) yet to define or provide a framework for such assets, the answer remains elusive. However, a recent class action lawsuit may bring this issue closer to resolution.

數字資產是否被視為證券？在美國證券交易委員會（SEC）尚未定義或提供此類資產框架的情況下，答案仍然難以捉摸。但是，最近的集體訴訟可能會使該問題更接近解決方案。

On April 25, 2025, a class action suit was filed against athletic footwear giant Nike (NYSE: NKE) for allegedly engaging in a "soft rug pull" by shutting down a non-fungible token (NFT) company it had acquired a few years ago.

2025年4月25日，針對運動鞋巨頭耐克（NYSE：NKE）提起了集體訴訟，原因是據稱通過關閉了幾年前收購的一家不可殺死的令牌（NFT）公司，從而從事“軟地毯拉力”。

As the SEC is still in the process of holding meetings to decide how it will regulate NFTs, the court may ultimately have to decide whether the Howey Test applies in this case.

由於SEC仍在舉行會議的過程中，以決定其將如何規範NFT，因此法院最終可能必須決定在這種情況下是否適用Howey測試。

This Time It's Sneakers, Not Apes

這次是運動鞋，而不是猿

Each NFT is unique and is intended to have a distinct value, in contrast to hard currency, which is designed to be identical and fungible. NFTs are often described as online art but can also take the form of an object used to gain admission to an event, membership in a group, or other types of digital assets.

每個NFT都是獨一無二的，旨在具有與硬幣相同的相同和可替代的硬幣相比具有獨特的價值。 NFT通常被描述為在線藝術，但也可以採用用於獲得活動，組成員資格或其他類型的數字資產的對象的形式。

Because there is no physical product or federal regulation (other than taxes) on NFTs as of April 2025, they are often a target for "pump and dump" schemes.

由於截至2025年4月，NFT上沒有實體產品或聯邦法規（除稅收外），因此它們通常是“泵和垃圾場”計劃的目標。

NFTs, particularly those sold as part of a series, are usually sold at an initial price, which is often a multiple of the price at which they were created. They are then sold again on the secondary market, with the price depending on market demand and the seller's pricing strategy. Those who purchase NFTs at the initial offering price may be able to sell them at a higher price on the secondary market. Conversely, if the series becomes unpopular, the NFTs may sell for less than their initial price.

NFT，尤其是作為系列的一部分出售的NFT，通常以初始價格出售，這通常是它們創造的價格的倍數。然後，它們在二級市場上再次出售，價格取決於市場需求和賣方的定價策略。那些以初始發行價格購買NFT的人可能能夠在二級市場上以更高的價格出售它們。相反，如果該系列不受歡迎，則NFT的售價可能低於其初始價格。

In 2021, NFTs were hugely mainstream and appeared poised to spawn a fast-growing commodity market for valuable digital images. Athletic shoe and sports apparel behemoth Nike decided to join the market that year by purchasing RTFKT, a well-respected studio in the crypto space, which was known for generating a lot of attention and sales.

在2021年，NFT是巨大的主流，似乎準備為快速增長的商品市場產生寶貴的數字圖像。運動鞋和運動服裝龐然大物耐克決定通過購買Crypto Space的備受尊敬的工作室RTFKT來加入市場，該公司以引起大量關注和銷售而聞名。

Projects like CloneX and Cryptokicks were huge successes, and those who bought into them were told that Nike planned to add gamified services like quests and early drops of new NFTs, which would also unlock real-world rewards. This addition of a peer-to-peer trading and value-adding ecosystem would serve to increase the worth of Nike's NFTs.

諸如clonex和Cryptokicks之類的項目取得了巨大的成功，並且被告知耐克計劃添加遊戲的服務和諸如Quests和早期新的NFTS之類的遊戲服務，這也將解鎖現實世界中的回報。這增加了點對點交易和增值生態系統，將有助於提高耐克NFT的價值。

Nike's RTFKT resided on the Ethereum (CRYPTO: ETH) blockchain, one of the most popular cryptocurrencies. It's also noted for its great adaptability for different types of NFTs. The NTFs were sold on OpenSea, a well-known online marketplace.

耐克的RTFKT居住在以太坊（Crypto：ETH）區塊鏈上，這是最受歡迎的加密貨幣之一。它也因其對不同類型的NFT的出色適應性而聞名。 NTFS在著名的在線市場Opensea上出售。

For a period of time, the Nike NFTs were wildly successful. Those who purchased and then sold them through RTFKT often saw large gains on their investments.

在一段時間內，耐克NFT取得了巨大的成功。那些購買然後通過RTFKT出售它們的人經常在投資上看到很大的收益。

Swooshing Away With the Profits

利潤搖搖欲墜

However, as the NFT market began to cool, so too did Nike's interest in the project. On December 2, 2024, RTFTK announced it would wind down operations and was expected to be shuttered by the end of January 2025.

但是，隨著NFT市場開始冷卻，耐克對該項目的興趣也是如此。 2024年12月2日，RTFTK宣布將減少運營，並預計將在2025年1月底關閉。

As might be expected, the news caused the value of the Nike NFTs to plummet. To date, they have shown no sign of recovering any of their lost value.

可以預料的是，這一消息導致耐克NFT的價值暴跌。迄今為止，他們沒有顯示出恢復其任何損失價值的跡象。

In crypto parlance, "pulling the rug" occurs when the creator and/or the promoters of a project abscond with the assets, leaving behind investors whose NFTs are now worthless or nearly worthless.

在加密言論中，當創建者和/或項目潛逃的促進者與資產潛逃時，“拉扯地毯”發生，留下了NFT的投資者，他們的NFT現在毫無價值或幾乎毫無價值。

The class action suit, which is being led by plaintiff Jagdeep Cheema, claims that Nike pulled off a "soft rug pull," in which a project is promoted as if it will continue forever.

由原告Jagdeep Cheema領導的集體訴訟聲稱，耐克（Nike）脫下了“軟地毯拉力”，其中促進了一個項目，就好像將永遠繼續下去。

As of the date of Cheema's suit, the SEC's Crypto Task Force, which was established by the Trump administration, had yet to set up a regulatory framework for cryptocurrencies and NFTs. The suit mentions the Howey Test as evidence that Nike was dealing in unregistered securities.

截至Cheema的訴訟日期，由特朗普政府建立的SEC的加密特遣部隊尚未為加密貨幣和NFT建立監管框架。該訴訟提到Howey測試是耐克正在使用未註冊證券交易的證據。

The Howey test, which is the result of a 1946 U.S. Supreme Court ruling, uses four conditions to decide if a transaction is an investment contract. According to the SEC, if an investment is a security, it must be registered with the SEC unless it is exempt from registration.

Howey測試是1946年美國最高法院裁決的結果，它使用四個條件來決定交易是否是投資合同。根據美國證券交易委員會的說法，如果投資是安全性的，則必須在SEC註冊，除非它免於註冊。

The plaintiffs are arguing that Nike controlled and manipulated the value of its NFTs and that it caused them substantial damages by failing to disclose material information about its securities. They further stated that if the court does not find that the Nike NFTs were securities, then Nike is liable for acts of deceit and unfair trade under the laws of four states: New York, California, Florida and Oregon.

原告辯稱，耐克控制並操縱其NFT的價值，並通過未能披露有關其證券的物質信息而造成了重大損害。他們進一步指出，如果法院沒有發現耐克NFT是證券，那麼根據四個州的法律，耐克對欺騙和不公平的貿易負責：紐約，加利福尼亞，佛羅里達州和俄勒岡州。

The plaintiffs have demanded a jury trial and are seeking unspecified damages. Only time will tell whether they were victims of a crypto rug pull or just angry investors upset over lost money.

原告要求進行陪審團審判，並尋求未指定的損害賠償。只有時間才能說明他們是是加密地毯的受害者，還是只是生氣的投資者對損失的錢感到不安。