The sneaker giant said the marketplace’s new Vault NFTs are inappropriately using the Nike brand.
In its suit, Nike said it told its own employees on Jan. 18 that it was forming “Nike Virtual Studios, a new division that will operate as an independent studio to further develop Nike’s business around virtual products and partner with its core business to deliver best-in-class Web3, metaverse and blockchain-based experiences.”But StockX, in a way, beat them to the punch.
Nike argued in its suit that the fine print on StockX’s Vault is more nuanced and that the marketplace is going too far and encroaching on its brand. It’s a situation that comes with a strange kind of math — that might only make sense online and with an overwhelming faith in market forces. Regardless, big-time profits are also clearly in the balance.
“Unless stopped, StockX’s Vault NFTs and StockX’s use of Nike’s Asserted Marks will continue to confuse consumers in the marketplace and dilute Nike’s famous marks by blurring and tarnishment,” Nike said.
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