Nike has filed a lawsuit against StockX, an online reseller, over selling Nike-branded Vault NFTs without approval. The company said that by minting Vault NFTs StockX infringed upon and diluting its trademarks. The lawsuit asked for unspecified money damages:
"Nike did not approve of or authorize StockX's Nike-branded Vault NFTs. Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike's famous trademarks."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
As of press time, StockX did not comment on the lawsuit. In April 2021, StockX reached valuation of $3.8 billion after the company raised $255 million in a round led by Altimeter Capital. Last December, Nike acquired a developer of non-fungible tokens called RTFKT. Nike said the deal is another step towards the company's digital transformation into the metaverse. However, terms of the deal were not disclosed.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.