Nike Upset with StockX Regarding Sneaker NFTs

Uh oh! Trouble in the sneaker alleys! Nike Upset with StockX Regarding Sneaker NFTs is riling up some sneaker lovers, and some are confused about whether to take sides or not. Forget about you taking sides; the Swoosh team definitely took StockX to court!

NFT is the new big thing and a buzzword in the world. It obviously wasn’t unexpected that the heat would reach the sneaker world too. StockX is taking a different kind of heat because they sold Nike-branded NFTs!

Seeing the hype for NFTs these days, Nike would’ve jumped aboard sooner or later. However, seems like StockX beat them to it. So, what happened? We’ll try to explain it all in simpler terms to you. Follow @FastSoleUK and ask if you have more questions.

In November, Nike’s recent USPTO filings leaked an intent to create and sell digital goods like sneakers, trainers, clothing, eyewear, etc. The trademark also protects the Jordan Jumpman and Nike Swoosh branding. As a result, it’s naturally impossible for NFT creators to use the two logos. But…StockX didn’t seem to get the memo at all. So, here we are discussing why Nike dragged them to the court to sue!

Early this year, the resale platform showed their NFT “Vault”. If you checked it out or know a bit about NFTs, you can tell that this Vault had digital collectables of many popular classic and modern releases. Each NFT also represented a physical version. For example, stored, freshly new, and securely comfortable. Also, people can “flip” their own pair and still avoid seller fees, shipping, etc. These NFTs also came with a redeeming facility with the assurance of “special benefits” from the company. The benefits would include limited promo, early releases, and cultural occasions.

Team Nike definitely did not like the images and sneakers being used without permission and disregarding copyright. Representatives from both sides are not taking any questions right now. But the Swoosh team made it clear that the StockX NFTs are not incorporated with the sneaker brand itself- “Nike did not approve of or authorize StockX’s Nike-branded Vault NFTs.”

Selling a big-deal brand’s sneakers with an inflated price and violating the terms of ownership have already confused some regular customers. And Nike claims that the damage is done since StockX has sold over 500 Swoosh-branded NFTs!

The story is still fresh and new. It’s likely for the Swoosh team to win the lawsuit since they haven’t given their permission to StockX in the first place. Let’s see what happens.

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