Nike Sues StockX For Selling NFT Images Of Nike's Shoes

Nike is suing online reseller StockX for selling unauthorized images of Nike shoes. Nike said NFT StockX violated trademark rights and misled buyers. Nike demanded a ban on further sales of brand-related NFTs and monetary compensation of an as yet unknown amount.

Nike said that StockX last month began selling unauthorized NFTs of Nike sneakers, informing buyers that they will be able to redeem the tokens for physical versions of the shoes "in the near future." The lawsuit states that StockX has sold more than 500 Nike-branded NFTs. Nike said that complaints about NFT's "inflated prices and murky terms of purchase and ownership" and buyers' doubts about the legitimacy of the StockX model damaged Nike's business reputation.

Nike said it intends to release "a number of virtual products" this month in collaboration with digital art studio RTFKT, which the company acquired last December.

Image: StockX