Since StockX began minting its own Nike sneaker NFTs in January, it’s been tempting fate. Now that Nike has come along with a lawsuit that claims the online reseller’s NFTs are in violation of its trademarks, more will be decided on who has rights to what real-world intellectual property in the metaverse.
StockX, which has sold 500 Nike-related NFTs so far according to the filing, did not catch the sportswear brand unaware about the potential of digital goods. Nike has been preparing its metaverse strategy for months, if not longer, by laying the groundwork to not only create its own virtual world but also enforce digital IP. StockX will now be its first test, and Nike says it shouldn’t be surprised. “StockX has known about Nike’s plans to expand into the NFT market long prior to its January 2022 ‘Vault NFT’ launch,” Nike alleged in the case.
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