On the NFT field, Nike has no intention of letting anyone steal the show. And especially not by using its brand, logo and models.
Nike has a habit of fighting against counterfeiting. But this time, the American company is embarking on an unprecedented fight. Indeed, on February 3, she filed a complaint against StockX, a very popular marketplace dedicated to sneakers, on which you can buy and track the value of each model. Nike sneakers, highly prized by collectors, are king here, with pairs selling for tens of thousands of dollars. But what saddens the group is the launch in mid-January of Vault NFT, a collection of virtual sneakers imagined by StockX. Sneakers in the form of NFT that bear the Nike brand and are scratched with the famous Swoosh emblematic of the Beaverton firm. Problem, Nike never gave its agreement so that its shoes can be thus exploited.
Nike protects its notoriety in a market deemed promising
“StockX creates these NFTs that prominently feature the Nike logos. It promotes them using the Nike brand and sells these NFTs at inflated prices to unsuspecting consumers, who are likely to believe that these digital assets (as StockX calls them) are endorsed by Nike, when they are not.”, summarize the lawyers of the manufacturer. According to Nike, always, it damages its reputation and has a negative impact on its image. As proof, the American has attached to his complaint some testimonials from disappointed customers. One of them believes that Vault NFTs are “a gross scam so that Nike can make money”. Nike’s lawyers are asking for the immediate suspension of these sales and are seeking damages from StockX.
In its defense, StockX explains that these NFTs, digital goods, can at any time be exchanged by their buyers for very real sneakers. However, the platform recognizes that “the imagined takeover process is not yet deployed and functional”promising that it will be “coming soon”. Obviously, this is not enough to calm the ardor of Nike, which is attacking on a completely different ground, that of the fraudulent use of its brand. Over 500 Nike-stamped NFTs were reportedly sold by StockX following the launch of Vault NFT. Finally, it should be noted that if Nike’s legal department has been very reactive on the subject, it is because the manufacturer itself believes very much in the potential of this technology, to authenticate pairs of physical sneakers but also to dress the famous avatars. of the metaverse. Reason why Nike bought RTFKT last December.