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Giant sportswear firm, Nike filed a lawsuit against StockX in New York federal court on 3rd February, 2022.
Online reselling marketplace, StockX is accused for selling unauthorised non-fungible tokens (NFTs) of Nike sneakers at "inflated prices" to unsuspecting consumers.
Nike mentioned that by minting “Vault” NFTs which are based on popular Nike sneakers, StockX is infringing upon Nike's trademarks.
Besides that, the Swoosh company stated the "Vault" NFTs with its brand issued by StockX, will create a false association between the products and Nike, which are likely to confuse consumers and further dilute Nike's trademarks.
Nike is seeking for monetary damages and a court injunction to force StockX on stopping all sales and marketing of Nike's branded NFTs.
So far, both Nike and StockX have not responded on the matter.
In the past year, NFTs are making huge waves at auction houses and the art market, where the auctioned digital artworks can cost a pretty penny.
Back in December 2021, Nike acquired RTFKT, a company known for creating virtual sneaker designs using blockchain technology.
The Oregon-based company indicated its intent to create and sell virtual Nike-branded sneakers and apparel by filing seven requests with the U.S. Patent and Trademark Office in late October 2021.
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