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NIKE SUING STOCKX OVER UNAUTHORIZED SNEAKER NFTs!

Stockx-Nike

 NFTs have been getting mixed reviews in the media recently, with Kanye West making public statements of his disbeliefs of the system and now with news of Nike suing StockX over unauthorized sneaker NFTs! Nike is suing online reselling platform StockX in a New York federal court this week for selling NFTs, also known as Non-Fungible Tokens, that utilized unauthorized images of Nike Shoes. Nike claims StockX unauthorized NFTs infringe trademarks and possibly could confuse consumers. The lawsuit asked for unspecified money damages and an order block to their sales. It was reported last month that StockX began selling unauthorized NFTs of Nike sneakers, and buyers were being told that they would be able to redeem the tokens for physical versions of the sneakers in the future. These arrangements and promises being made to the public resulted in more than 500 Nike-branded NFTs being sold! Nike has already had plans to tap into the “virtual world” in conjunction with the digital art studio RTFKT after acquiring it in December, so with StockX “already” selling their own NFTs with Nike affiliation, it will confuse consumers possibly could be a conflict of interest. Stay subscribed to Daily Sole for further developments of this case and more updates regarding your favorite upcoming sneaker releases!

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