NFTs and Sneakers: Why Nike and StockX Are in a Legal Fight [CNET News]
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Source: CNET News
The two companies are now locked in a legal battle that started with and has escalated with accusations of fake sneakers. Nike said on Tuesday that it purchased fake sneakers from StockX, a popular reseller site that prides itself on its guarantee of legit sneakers. This caused a stir among sneaker enthusiasts who use the site to buy and sell sneakers, sometimes for hundreds or even thousands of dollars, with the expectation of receiving authenticated shoes. The accusation comes after the Jordan shoemaker sued StockX in February saying the e-tailer violated its trademark when it began selling nonfungible tokens, or NFTs, featuring Nike sneakers. Nike is seeking damages and an end to StockX selling the digital tokens. StockX, on the other hand, says the trademark claim is baseless. Nike amended the suit this week to include the allegation about counterfeit sneakers. The legal battle has the potential to set some legal guidelines for NFTs, which currently have minimal restrictions
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