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Nike files lawsuit over counterfeit sneaker NFTs

Key Takeaways Nike has filed a lawsuit against sneaker marketplace StockX. The filing claims that StockX’s Vault system freerides on the back of its trademarks and intellectual property. StockX has yet to comment on Nike’s lawsuit, citing a policy against public statements about pending lawsuits. Share this article Nike is suing sneaker resale platform StockX over NFTs of Nike shoes sold to StockX customers. The lawsuit alleges that StockX piggybacks on Nike’s trademarks and associated goodwill. Nike is suing StockX. Nike defends its intellectual property rights against fake NFTs. its intellectual property rights by issuing NFTs of Nike shoes. In January, StockX released its first NFT venture called Vault. StockX users can purchase NFTs of popular collectible sneakers backed by a physical pair of shoes. Since the NFTs are supported, owners can exchange their NFTs for a physical pair of sneakers if they wish. The new NFT system helps sneaker collectors and resellers verify the authenticity of their purchases, while avoiding other issues associated with sneaker trading, such as shipping costs and inventory tracking. However, Nike, which filed several patents for digital goods last October, believes StockX’s Vault system is piggybacking on its trademarks, brand identity and associated goodwill. An excerpt from Nike’s filing stated: “Without Nike’s consent or approval, StockX “coin” StockX NFTs that make prominent use of Nike’s trademarks, markets these NFTs using Nike’s goodwill, and sells these NFTs at inflated prices unsuspecting consumers who believe or are likely to believe that those “investable digital assets” (as StockX calls them) are in fact authorized by Nike when they are not.” The rising market value of StockX-issued sneaker NFTs, which value the physical pairs of sneakers they represent, as well as StockX’s move to grant benefits to NFT holders, has strengthened Nike’s case against the resale platform. StockX has yet to comment on Nike’s lawsuit, citing a policy against public statements about pending lawsuits. The sneaker market was valued at $3.8 billion after the most recent funding round in April 2021. NFTs exploded in popularity in the second half of 2021, with numerous companies and major brands trying to cash in on the action. However, copyright and trademark definitions do not usually refer to NFTs, resulting in several high-profile disputes coming before US courts. In November, Quentin Tarantino announced his plans to release NFTs containing unseen parts of Pulp Fiction on Secret Network. In response, Miramax, the company that owns the rights to Pulp Fiction, filed a lawsuit against Tarantino, alleging that the NFTs constituted intellectual property infringement and breach of contract. Although Tarantino said he would go ahead with the launch, the legality of this is still unclear. Whether Nike will win the lawsuit against StockX remains to be seen. However, as non-replaceable tokens gain in popularity, lawsuits challenging NFTs and intellectual property rights are likely to become more common. 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We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. Nike to acquire non-fungible sneaker studio RTFKT Nike today announced it has acquired RTFKT, a virtual sneaker design company and studio for non-fungible tokens. Nike Acquires RTFKT RTFKT was founded in 2020 to provide virtual… Nike Bought RTFKT. Now the NFTs are trading at a premium Since Nike announced its acquisition, the reserve price for an RTFKT Clone X avatar passes has risen to about $41,000. Nike Boosts RTFKT NFTs Nike’s Entry into the… OVR – The Largest Decentralized AR Metaverse OVR is the decentralized infrastructure for the metaverse, merging physical and virtual worlds through Augmented Reality, creating a new dimension where anything is possible . It consists of 1.6 trillion unique hexagons… Tarantino continues to sell “Pulp Fiction” NFTs despite Mira… Quentin Tarantino has announced that he will continue to sell a series of “Pulp Fiction” NFTs this month. Miramax has responded by clarifying that the lawsuit is not…
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