Reportedly, NIKE, Inc. (NKE) has sued online reseller Detroit-based StockX in New York federal court for selling unauthorized images of Nike shoes, making it the latest lawsuit over digital assets known as non-fungible tokens (NFTs). StockX, a platform for reselling sneakers, handbags, and other goods, was valued at more than $3.8 billion last year.
Nike informed that StockX began selling unauthorized NFTs of its sneakers last month, luring buyers they would be able to redeem the tokens for physical versions of the shoes “in the near future.” The complaint stated that StockX has sold over 500 Nike-branded NFTs. The lawsuit stressed that the complaints about the NFTs’ “inflated prices and murky terms of purchase and ownership” and buyers’ doubts about the legitimacy of StockX’s model have harmed the sportswear giant’s business reputation.
NIKE, Inc. (NKE) is the world’s top designer, marketer, and distributor of athletic footwear, equipment, apparel, and accessories. The Beaverton, Oregon-based company offers products for a wide variety of sports and fitness activities. To learn more about NIKE, Inc. (NIKE) and to continue to track its progress please visit the Vista Partners NIKE Coverage Page.