Nike sues trading platform StockX for selling unauthorized NFT sneakers

Nike has sued StockX LLC, an online sneaker trading marketplace, accusing the latter of selling digital sneaker products that were not authorized by the company. On Thursday, Nike filed the lawsuit in New York federal court, which is also the latest dispute involving the sale of non-fungible tokens (NFTs).

Nike said in its lawsuit that NFTs based on sneakers such as Nike Dunks and Air Jordans could confuse consumers, create false associations between these products and Nike, and dilute its trademarks.

A StockX representative declined to comment on the lawsuit. The Detroit-based company was founded in 2016 as a sneaker resale platform and was valued at $3.8 billion after a new funding round last year.

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