Nike Is Not Here for StockX's Sneaker NFTs
StockX has apparently made an enemy of Nike as the sportswear giant is suing the resale platform over its in-house NFT collection.
The reason? Nike isn't pleased to see their sneakers in the form of non-fungible tokens, or NFTs, citing trademark infringement as one of many complaints.
According to Reuters, other concerns included "inflated prices and murky terms of purchase and ownership" as well as buyers' confusion on StockX's business model.
In January, StockX made the bold move into the NFT universe where buyers could purchase the company's NFTs and then redeem them for actual sneakers in the future.
Nike claims that Stockx has already sold over 500 NFTs associated with the Nike brand.
It seems like Nike vs. StockX will be only the beginning of many copyright-centric NFT lawsuits to come. A few are already underway.
Last month, for instance, Hermès attempted to clamp down on furry digital renditions of their signature handbags, slapping Metabirkins creator Mason Rothchild with a nice 'n friendly cease and desist.
In a way, I guess StockX's creations could also step all over Nike's upcoming NFT plans.
Nike announced its plans to release "a number of virtual products" in February in collaboration with RTFKT, a digital art studio that it acquired in December.
RTFKT didn't just partner with Highsnobiety for Not In Paris; the studio also works closely with big names like artist Takashi Murakami; the two are currently involved in an ongoing project known as "CLONE X," a series of trippy NFT avatars.
NFTs remain a spurious market free from clear regulation, which often leaves victims of theft or copyright infringement without legal recourse.
Nike has a more cut-and-dry case here, though, because StockX isn't some anonymous collectibles creator like most NFT designers. There's little precedent for NFT court cases, though, so Nike's success isn't necessarily guaranteed.
