You must have heard about people selling fake Nike shoes several times, but have you ever heard about someone selling unauthorized Nike shoes NFTs? Well, hear it now.
Nike sued online reseller Stockx in federal court in New York last week for selling non-fungible tokens (NFTs) based on unlicensed photos of Nike shoes. Last month, Stockx, a Detroit-based retailer valued at over $3.8 billion last year, began selling NFTs, according to Nike, who added that the reseller has sold over 500 unlicensed Nike-branded NFTs.
Stockx assured customers that they would be able to exchange the tokens for real copies of the sneakers “in the near future,” according to the footwear company.
Nike claimed the following in its complaint:
“Stockx’s Nike-branded Vault NFTs were neither approved or authorised by Nike… These unapproved products are likely to confuse customers, create a false relationship between them and Nike, and dilute the brand’s well-known trademarks.”
The action seeks monetary damages as well as an injunction barring Stockx from selling or advertising Nike-branded Vault NFTs. It also wants the unlicensed NFTs to be destroyed via the re-sell marketplace.
Hmm, did nike “Just do it” ?
Related: Ferrari joins the race for NFT
