Nike has filed a lawsuit (3 Feb 2022) against the online reseller giant, StockX, for marketing and selling unauthorised images of Nike trainers as non-fungible tokens (NFTs).
StockX reportedly started selling NFT Nike shoes in January, naming its collection “The Vault”. The report revealed that StockX had promised its customers that they could redeem the physical version of the trainers for the tokens in the near future.
Nike accused StockX of infringing on and diluting its trademarks by minting NFTs predominantly based on popular Nike footwear and selling them at “heavily inflated prices, with very murky terms of purchase and ownership to unsuspecting consumers.”
On StockX’s website, the physical version of the black and white Nike Dunk Low is selling for an average of £208 while the NFT version is selling for an average of £598.
Nike stated that they “did not approve of or authorise StockX’s Nike-branded NFTs” and that the “unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”
The lawsuit pointed to comments made on social media that questioned Nike’s involvement in the project.
StockX has sold almost 500 NFT trainers with Nike’s branding. Nike is asking that StockX be prohibited from selling or promoting the NFTs and destroy them. Nike also wants StockX to pay an undisclosed fee for damages.
Image Credit: Edward Berthelot/Getty Images
