Battle for Nike's sole: New lawsuit by the sportswear brand claims an unauthorized NFT seller promised buyers they could redeem the real-world version of the sneakers.
Popular sneaker maker Nike has started the"licensed NFT" wars by taking an online reseller called StockX to court for trademark infringement or sale of unlicensed nonfungible token sneakers., Nike has filed a lawsuit against the reseller in the New York Federal court demanding an undisclosed amount in damages and a halt of sales on such virtual collectibles.
Nike in its 50-page complaint claimed StockX has sold nearly 500 NFT sneakers with the Nike branding which has dented their reputation and legitimacy. The shoemaker brand also alleged the NFT sneakers were being sold at inflated prices with very “murky terms of purchase and ownership.” StockX is a popular online reseller estimated to be worth $3.8 billion and the NFT sneakers because of which it is facing the lawsuit is still online. The collection is called ‘The Vault’ comprising of 9 premium Nike sneakers and deals with NFTs tied to their real-world asset.
NFTs popularity has made it a primary PR and marketing tool for brands and celebrities. However, as with any popular use case in the decentralized world, NFTs have reached a point of exploitation. Apart from Nike, there have been several other lawsuits around NFTs involving big brands and celebrities. Pulp Fiction’s film production company
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