Nike has filed a lawsuit against StockX for making unauthorized use of its sneakers as NFTs. The suit, which was filed Thursday in a New York federal court, accuses the resale platform of trademark infringement and trademark dilution; it comes two weeks after StockX unveiled its first NFT offerings.
StockX’s initial lineup of NFTs consisted of nine virtual sneakers, eight of which were made by Nike, tied to real-life shoes kept in a vault. Prices for the tokens are significantly higher than it would cost to buy the actual sneaker, and owners of the NFTs will at some point be able to redeem them to take possession of the shoe with additional fees.
