I'm picturing it the same way BTC/Dogecoin/Shibacoins are tied to the USD in that you as an owner can freely convert back and forth at the going exchange rate a

I'm picturing it the same way BTC/Dogecoin/Shibacoins are tied to the USD in that you as an owner can freely convert back and forth at the going exchange rate and they would be run with a predefined supply algorithm. And yes Nike would have the ability to devalue the Nikecoins but it'd actually not be in there best interest to do so because Nikecoin holders would then just cash out and offramp to USD. You'd then have negative PR associated with the brand versus free PR when Nikecoin increased in value. Also if Nike itself maintains ownership of a portion of the ICO, then they'd be incentivized not to devalue the Nikecoin.