Nike sues StockX over NFT sneakers

The American giant Nike has filed a complaint against StockX, accusing the platform of using its brand without authorization.

Determined to enter the world of the metaverse with NFT sneakers, Nike defends its interests. The basketball giant is not happy and has just filed a complaint in New York against StockX. The US-based e-commerce platform is accused of using Nike’s trademarks to market sneaker NFTs without its permission. “StockX “prints” NFTs that prominently feature Nike logos, promotes them using the Nike brand, and sells these NFTs at inflated prices to unsuspecting consumers who believe or are likely to believe that these “digital assets” (as StockX calls them) are endorsed by Nike when they are not”, say Nike’s lawyers, in comments reported by AFP.

For the American company, famous for its Swoosh logo, the NFTs of this resale juggernaut are likely to confuse consumers and tarnish its image. Nike is seeking damages and a court injunction to force StockX to stop these sales. This platform, which offers to buy and resell clothing and technological products, specializes in auctions on sneakers. In a desire to surf the trend of the moment, it offers NFTs (for Non-Fungible Token) that Nike describes as a “an exciting new way for brands to engage with customers in the real world and in the metaverse”.

Nike bets on the metaverse and believes in NFTs

The group behind the Air Max, however, laments that this new horizon [soit] quickly became a playground for counterfeiting players ». And to add that they “use trademarks without permission to sell their virtual products and generate ill-gotten profits”. StockX has reportedly sold over 550 Nike-branded NFTs already and the prices are indeed inflated. Thus, a pair of black and white Dunk Low sells for an average of 282 dollars on the site and 809 dollars in NFT.

The lawsuit filed by Nike presents NFTs, unforgeable digital property certificates, as “part of the future of commerce”. This may explain the decision of a brand that has been heavily invested in the metaverse in recent months. It launched a division called Nike Virtual Studios, before offering the start-up RTFKT in order to offer virtual sneakers.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *