Nike Sues StockX For Selling Shoe NFTs

Sports and apparel giant Nike has filed a lawsuit against live marketplace StockX for allegedly selling unauthorized Nike shoe NFTs.

On Feb. 3, Nike filed a lawsuit in New York federal court against Detroit-based StockX, accusing the business of breaking Nike’s trademark terms, which they claim led to confusion amongst consumers, Hypebeast reports. The company claims the shoe marketplace is selling their product for an inflated price and “murky terms of purchase and ownership.”

In the 50-page complaint, Nike wrote: “Nike did not approve of or authorize StockX’s Nike-branded Vault NFTs. Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”

Nike says the business has sold more than 500 Nike-labeled Vault NFTs. Nike wants the sale and marketing of the NFTs to stop and pay Nike back in damages, the news outlet reports.