TL; Disaster Recovery
- Nike Sues Unauthorized NFT Sneaker Seller
- StockX Sells 500 Premium NFT Sneakers
- Nike will enter the NFT market
After showing such great potential, the irreplaceable token market has been on fire for the past few months. With more and more companies and individuals entering the space, we are soon going to have a great time in this area. However, things are shaping up and it looks like Nike has started its war on licensed NFTs. In a recent update, the company has taken StockX, whose products are resold as NFTs, to court.
StockX has sold 500 quality athletic shoes
According to the said lawsuit, Nike will file a trademark infringement charge for the sale of unauthorized virtual sports shoes. In a recently released Reuters report, it mentions that Nike filed a lawsuit in a New York court seeking damages from StockX. In addition, the NFT company must stop selling its sneakers in all markets.
StockX has been in the virtual sneaker business since the beginning of this year and has received a large number of sponsorships. StockX recently announced that it is working to make physical versions of the purchased digital sneakers available to users as soon as possible. In its report, Nike claims that the company has a track record of selling about 500 virtual shoes with its logo on them. It complained that this was hurting their reputation.
Nike will enter the NFT market
Nike also claims that the company sells virtual footwear at ridiculously high prices, which is accompanied by questionable conditions that protect ownership. StockX is very popular in the industry due to the company's valuation of over $3 billion. According to records, the shoe company's products are still available for purchase on the StockX website. The product, "The Vault," consists of about nine high-top sneakers.
The shoe company also said the NFT marketplace provides a way for companies to trade with users. But some companies in the industry are trying to infringe on the trademarks of popular brands to make illegal profits. The company is also about to enter the marketplace, according to an announcement made a few months ago. Massive NFT hype provides a reliable way for companies to market their products. However, its popularity is now one of the reasons why malicious actors are taking advantage of it. In addition to Nike's lawsuit, other companies are now lashing out at artists and producers in the NFT market.