That’s it, brands are starting to realize that some NFTs are outright theft

Noellie Mautaint

February 07, 2022 at 11:05 a.m.




An e-commerce platform has already sold more than 550 NFT
stamped Nike, whose virtual pairs are exchanged for thousands of dollars, like the Air Jordan. Except that these collections have not been approved by the brand.

Nike wakes up and has just realized that some NFTs sold online are outright theft. As a result, the brand goes on the hunt for virtual counterfeits.

Nike cracks down on counterfeit NFT sneakers

Don’t tread on Nike’s toes, even in the metaverse. The famous sneaker brand filed a complaint this Thursday, February 3 against StockX. The sports label accuses the American e-commerce platform of selling NFTs representing its sneakers without its permission. using the Nike brand and selling them at inflated prices to unsuspecting consumers who believe or are likely to believe that these “digital assets” are endorsed by Nike when they are not “, explain the lawyers of the company.

The sneaker giant is seeking damages, but above all a court injunction to force StockX to cease sales, while Nike acquired a company specializing in the field last December to create virtual shoes for the metaverse. As recalled in its complaint, the brand is very enthusiastic about NFTs, but it suddenly seems to realize that this universe is plagued by thefts and scams. “ This new horizon has quickly become a playground for counterfeit actors (…) who use trademarks without authorization to sell their virtual products and generate ill-gotten profits. said Nike.

On the same subject :
At least 80% of NFTs created for free on OpenSea are “plagiarized, fake collections and spam”

Source: Reuters

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