Thursday, August 11, 2022
HomeUncategorizedNike cries foul over virtual shoes, suing retailer that sells sneaker NFTs

Nike cries foul over virtual shoes, suing retailer that sells sneaker NFTs

-

NEW YORK – Nike sued online reseller StockX in federal court in New York on Thursday (Feb 3) for selling unlicensed photos of Nike sneakers, marking the latest case using digital assets known as non-fungible tokens (NFTs).

Nike claims that StockX’s NFTs violate its trademarks and are likely to confuse customers. Its complaint sought specific monetary damages as well as an injunction to prevent their sale.

Last year, StockX, a marketplace for reselling sneakers, handbags, and other items located in Detroit, was valued at more than US$3.8 billion.

A spokesman for the company, as well as Nike and its attorneys, did not respond to a request for comment.

Nike said last month that StockX began selling unauthorised NFTs of its footwear, promising buyers that the tokens could be redeemed for actual copies of the shoes “in the near future.”

According to the complaint, StockX sold more than 500 Nike-branded NFTs.

According to the lawsuit, complaints about the NFTs’ “inflated prices and murky terms of purchase and ownership,” as well as buyers’ skepticism about the legality of StockX’s methodology, have harmed Nike’s commercial reputation.

Nike stated that it will debut “a variety of virtual products” later this month in collaboration with the digital art studio RTFKT, which it acquired in December.

NFTs have recently grown in popularity, and litigation against them have begun to appear in US courts. Miramax sued director Quentin Tarantino in November over his plans to auction off NFTs relating to the 1994 picture Pulp Fiction, which he directed and the studio distributed.

Hermes sued artist Mason Rothschild last month for his MetaBirkin NFTs of the French company’s Birkin bags.

Source: Reuters/kg

Related articles

Stay Connected

138,422FansLike
8,530FollowersFollow
361,888FollowersFollow
8,971SubscribersSubscribe

Latest posts