Fashion

StockX strikes back at Nike in NFT . lawsuit


Via

Reuters

Published



April 1, 2022

Online reseller StockX LLC said in a filing Thursday that the image of Nike sneakers that it sells as a non-fungible token do not infringe on Nike Inc’s trademark, alleging that Nike demonstrated a “fundamental misunderstanding” of NFT by suing StockX last month.

Reuters

StockX in a lawsuit filed in Manhattan federal court called Nike’s lawsuit is a “baseless and misleading” attempt to interfere in the popular secondary market for its sneakers. They say they only use NFT to authenticate their actual shoes and do not sell them as standalone products.

Digital assets known as NFTs have gained popularity recently and intellectual property lawsuits against them have begun to be brought to US courts, including disputes related to Miramax and Quentin Tarantino, Hermesand rapper Lil Yachty.

Nike to sue StockX in February for selling NFT images of Nike sneakers without the shoe giant’s permission, alleging that it violated its trademark by causing confusion among consumers. The lawsuit also alleges that StockX’s NFTs interfered with Nike’s own NFT plans.

StockX countered in its response to Thursday’s lawsuit that its use of NFT “is no different than major retailers and e-commerce marketplaces using product images and descriptions to sell shoes.” sports and other goods that consumers see (and are not confused by) every day.”

According to StockX, their NFT is just a “claim ticket” to access the actual shoes stored in a “vault” after a buyer purchases them and provides proof of ownership and authenticity.
StockX says the tokens make it easier to trade shoes stored in the vault, and that the NFTs are “not a ‘virtual product’ or digital sneakers at all,” as Nike has stated. .

NFTs are unlikely to cause confusion because StockX makes it clear to buyers that they are tied to real shoe tracking, StockX said. It said Nike’s lawsuit threatens others to use NFT to track ownership of physical goods such as fine art, whiskey and wine.

Nike and one of its attorneys did not immediately respond to a request for comment.
The case is Nike Inc v StockX LLC, United States District Court for the Southern District of New York, No. 1:22-cv-00983.

© Thomson Reuters 2022 All rights reserved.



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