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Nike Sues Online Reseller StockX Over Sell Of Sneaker NFTs – $NKE $DIA

By John F. Heerdink, Jr.

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.

 
 
 
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
 
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(Read Original Story: Nike cries foul over virtual shoes, suing retailer that sells sneaker NFTs in Reuters)


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