Berliner Boersenzeitung - Nike sues shopping platform StockX over sneaker NFTs

EUR -
AED 3.976817
AFN 79.63706
ALL 103.809202
AMD 438.726736
ANG 1.946373
AOA 900.281451
ARS 907.128497
AUD 1.652764
AWG 1.948889
AZN 1.837943
BAM 1.955973
BBD 2.180593
BDT 118.530507
BGN 1.955883
BHD 0.407925
BIF 3084.730717
BMD 1.082716
BND 1.452109
BOB 7.462662
BRL 5.344828
BSD 1.079996
BTN 89.613661
BWP 14.784311
BYN 3.533813
BYR 21221.233207
BZD 2.176993
CAD 1.460064
CDF 2988.296297
CHF 0.951513
CLF 0.038049
CLP 1049.887811
CNY 7.787864
COP 4249.876765
CRC 554.44915
CUC 1.082716
CUP 28.691973
CVE 110.274776
CZK 25.320936
DJF 192.317048
DKK 7.454305
DOP 63.265608
DZD 145.447863
EGP 33.45257
ERN 16.24074
ETB 61.237529
FJD 2.45016
FKP 0.857822
GBP 0.856602
GEL 2.863772
GGP 0.857822
GHS 13.521199
GIP 0.857822
GMD 73.297019
GNF 9282.908643
GTQ 8.423513
GYD 226.130046
HKD 8.467884
HNL 26.660363
HRK 7.611596
HTG 143.105329
HUF 387.296707
IDR 16940.174223
ILS 3.983437
IMP 0.857822
INR 89.811345
IQD 1414.79275
IRR 45506.552402
ISK 148.905894
JEP 0.857822
JMD 169.09499
JOD 0.767637
JPY 162.826436
KES 158.076429
KGS 96.826926
KHR 4402.430925
KMF 492.971757
KPW 974.42371
KRW 1442.004622
KWD 0.333173
KYD 0.89998
KZT 486.993171
LAK 22534.997669
LBP 96721.474108
LKR 336.469827
LRD 206.396799
LSL 20.527961
LTL 3.196979
LVL 0.654924
LYD 5.221463
MAD 10.904767
MDL 19.374718
MGA 4908.43512
MKD 61.630463
MMK 2268.001052
MNT 3684.138835
MOP 8.70117
MRU 43.037973
MUR 49.55302
MVR 16.670896
MWK 1818.061166
MXN 18.453597
MYR 5.188918
MZN 68.748069
NAD 20.528223
NGN 1739.188308
NIO 39.752422
NOK 11.343502
NPR 143.385711
NZD 1.749523
OMR 0.416775
PAB 1.079996
PEN 4.087668
PGK 4.114365
PHP 60.551434
PKR 301.858859
PLN 4.31825
PYG 7879.698515
QAR 3.941626
RON 4.976923
RSD 117.201834
RUB 99.615261
RWF 1376.922061
SAR 4.06031
SBD 9.215272
SCR 14.717398
SDG 650.712493
SEK 11.214165
SGD 1.454526
SHP 1.368013
SLE 24.697332
SLL 21383.64042
SOS 618.789764
SRD 38.648657
STD 22410.03479
SVC 9.449838
SYP 14077.255052
SZL 20.427811
THB 38.86755
TJS 11.831021
TMT 3.789506
TND 3.385669
TOP 2.55797
TRY 33.586873
TTD 7.33565
TWD 34.166732
TZS 2755.511919
UAH 41.724099
UGX 4204.372707
USD 1.082716
UYU 42.222573
UZS 13331.874002
VEF 3924146.723494
VES 39.248193
VND 26634.813107
VUV 130.080104
WST 2.967294
XAF 656.015154
XAG 0.047263
XAU 0.000534
XCD 2.926094
XDR 0.815272
XOF 656.015154
XPF 119.331742
YER 269.406776
ZAR 20.489856
ZMK 9745.742464
ZMW 24.651185
ZWL 348.634104
  • SCS

    -0.0300

    12.7

    -0.24%

  • RBGPF

    0.2120

    73.02

    +0.29%

  • NGG

    -0.0300

    66.68

    -0.04%

  • RYCEF

    -0.0430

    4.146

    -1.04%

  • GSK

    -0.0800

    41.94

    -0.19%

  • CMSC

    0.0350

    24.82

    +0.14%

  • RELX

    -0.1200

    43.45

    -0.28%

  • SLAC

    -0.1300

    10.31

    -1.26%

  • RIO

    -0.4400

    65.48

    -0.67%

  • VOD

    -0.1300

    8.47

    -1.53%

  • BCE

    0.0400

    37.92

    +0.11%

  • CMSD

    0.0000

    24.72

    0%

  • BP

    0.3200

    35.7

    +0.9%

  • JRI

    0.0109

    11.42

    +0.1%

  • BCC

    -10.7600

    125.11

    -8.6%

  • AZN

    0.0500

    65.09

    +0.08%

  • BTI

    -0.0500

    30.25

    -0.17%

Nike sues shopping platform StockX over sneaker NFTs
Nike sues shopping platform StockX over sneaker NFTs

Nike sues shopping platform StockX over sneaker NFTs

Athletics giant Nike filed a lawsuit in New York on Thursday against shopping platform StockX for creating and marketing NFTs -- the tamper-proof digital property certificates -- based on the brand's products without permission.

Text size:

The company's lawyers accused US-based StockX of "minting" NFTs using Nike trademarks and trading on the brand's "goodwill" to market them.

StockX is "selling those NFTs at heavily inflated prices to unsuspecting consumers who believe or are likely to believe that those 'investible digital assets' (as StockX calls them) are, in fact, authorized by Nike when they are not," according to the complaint.

Nike is seeking damages and a court injunction to force StockX to stop the sales.

Barely known a year ago, NFTs (non-fungible tokens) have increasingly become a mainstay of auction houses and the art market, where virtual works have fetched multimillion-dollar prices.

StockX, which buys and resells clothing and technology products, primarily specialises in sneaker auctions, with fans able to snare collectible pairs that can sell for hundreds of thousands of dollars.

But it now also offers NFTs, digital versions of objects whose ownership is traceable.

For example, an image of the "KAWS Sacai Nike Blazer Low Blue (Vault NFT)" sneaker is available for $549 on StockX.

"Each Vault NFT is backed by a physical item held in StockX’s custody, tied directly one-to-one via the blockchain," the website states.

"This means that if you buy an edition of a Vault NFT, you are the owner of the corresponding physical good which is secured and stored in StockX’s Vault."

In its complaint, Nike describes NFTs as an "exciting way for brands to interact with their consumers in and out of the 'metaverse.'"

But, "this new frontier has swiftly become a virtual playground for infringers to usurp the goodwill of some of the most famous trademarks in the world and use those trademarks without authorization to market their virtual products and generate ill-gotten profits," Nike added.

According to the group, StockX has already sold more than 550 Nike-branded NFTs.

The two companies did not immediately respond to AFP's requests for comment.

In April, StockX was valued at $3.8 billion after raising $255 million in funding. The platform reported revenues of $400 million in 2020.

(A.Berg--BBZ)