Nike Fights StockX Over NFT IP
https://ift.tt/0gbcqpP
- Nike takes legal action against StockX.
- StockX has repeatedly sold numerous NFTs with Nike logo and branding.
- NFT IP battles are becoming more common than ever.
The mere concept of Non Fungible Token (NFT) has always been full of controversies. Ever since it started off, beginning with art works, the fight for the intellectual Property (IP) rights began. Very initially there was tons of chaos spreading all around with the art works. For example, a well proficient artist is coming up with an art work done on his own, however, imitating something which has been already done ages ago. Once the artist sets for sale the art work, as an NFT, obviously the parent art proprietor can sue the artist in terms of using his previous original art as the original.
However, with the move in with time, certain rules and regulations are being formed evidently framed up to prevent such chaos. Yet, there do exist demates still upon the NFT industry majorly upon IP rights.
One such recent fight is between the leading sports wear and shoe brand, Nike, against the highly established online market for authentic original goods, the StockX.
Nike Vs. StockX
Just being half a decade old, the StockX online marketplace platform has so far become one of the best in terms of selling original products. In a world, where there comes all sorts of copies instantly, imitating the originals, the StockX took on the mission to give the customers only authentic original products. StockX started only off with sneakers, being their major focus products, consisting of all major brands like Nike, Jordan designer sneakers and much more.
In 2020, it included all sorts of sportswears, electronics and much more growing and expanding effortlessly. In a bid towards the future, the StockX came up with it’s own range of NFTs, portraying sneakers of major brands, profusely Nike.
Apart from this, StockX plans on coming up with a new vault for its NFTs too. In spite of all the above, Nike has filed a lawsuit against StockX for using it’s brand logo upon the sneaker NFTs which are being sold.
Accordingly, Nike points out that StockX has so far sold over 500 sneaker NFTs with the Nike logo. As a result, Nike points out that they did not authorize StockX any of such. In addition, Nike states that this will confuse the customers and denote an untrue partnership between Nike and StockX. Furthemore, Nike states that they are worried upon their brand name and image being spoiled upon the customers, as StockX uses Nike’s trademark logos and brand names.
Cryptocurrency
