Warning: unlink(/tmp/jnewslibrary-PoK2AO.tmp): No such file or directory in /home/customer/www/coinparative.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142
Nike Looking to Destroy Unauthorized NFTs | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • jeet-detector-bot
    JDB(JDB)
    $0.00-0.61%
  • bitcoin
    Bitcoin(BTC)
    $0.00-1.31%
  • ethereum
    Ethereum(ETH)
    $0.00-2.17%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.000.040%
  • binancecoin
    BNB(BNB)
    $0.00-1.19%
  • usd-coin
    USD Coin(USDC)
    $0.00-0.03%
  • ripple
    XRP(XRP)
    $0.00-2.99%
  • binance-usd
    Binance USD(BUSD)
    $0.00-0.10%
  • cardano
    Cardano(ADA)
    $0.00-3.42%
  • dogecoin
    Dogecoin(DOGE)
    $0.00-3.10%
  • okb
    OKB(OKB)
    $0.006.21%
  • matic-network
    Polygon(MATIC)
    $0.00-3.87%
  • solana
    Solana(SOL)
    $0.00-4.56%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.00-3.16%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.00-2.04%
  • polkadot
    Polkadot(DOT)
    $0.00-4.05%
  • litecoin
    Litecoin(LTC)
    $0.00-2.66%
  • avalanche-2
    Avalanche(AVAX)
    $0.00-4.83%
  • tron
    TRON(TRX)
    $0.000.710%
View All
Coinparative
Home NFT News

Nike Looking to Destroy Unauthorized NFTs

April 2, 2022
in NFT News
237 15
A A
0
Nike Looking to Destroy Unauthorized NFTs
Share on FacebookShare on Twitter

Nike is one of the largest and most recognizable brands globally, and in recent weeks, the company has been involved in proceedings that seek to end unauthorized usage of the company’s brand in NFTs

Nike vs. StockX

Nike is a brand that’s synonymous with excellence, and in more ways than one, Nike has evolved to become way more than just a sports brand; it’s a way of life for millions of people globally.

Nike has created some of the most sought-after products in history, and some of its shoes have become sort of “currencies.” Although the company has fierce competition from brands like Adidas, Puma, and the likes, Nike is the Gold standard for sports excellence to a lot of people.

StockX is a Detroit-based sneaker retailer, and the company has grown and solidified its position as a “stock market for sneakers.” If you own a sneaker, you can list it on StockX, and after some due diligence, your sneaker will be made available on the company’s website if your product is accepted.

Once your product is accepted and listed, potential buyers can show interest in your sneaker by bidding, and the winning bid gets the product.

StockX recently delved into the NFT space, and the problems with Nike began when the company started offering NFTs of shoes made by brands like Nike. When StockX began offering NFT versions of Nike shoes with a physical copy, Nike was livid, claiming it to be an infringement on its intellectual property rights.

StockX NFT Vault

According to StockX, its NFT Vault offering serve the purpose of being receipts customers can redeem for the corresponding pair of physical sneakers. In StockX’s view, the company is not infringing on Nike’s intellectual property. If a customer chooses to redeem the physical version of their NFT, they are obliged to surrender the NFT.

Nike is a company that has wholeheartedly embraced the NFT space, and the company recently announced a partnership with RTFKT, an NFT studio. In Nike’s view, StockX’s “receipt” theory doesn’t cut it, and they consider the NFT Vault product to be a direct infringement on its intellectual properties.

As companies make their NFT debuts, it’s essential to tread lightly because in cases such as this, it’ll be the first of its kind, and nobody can be sure what way the judgment will go. The last thing any company wants is a lawsuit while entering the NFT space.

Nike Takes IP matters seriously

When Nike decides that its actions are detrimental to its brand, it can ask the courts to destroy all unauthorized goods produced. Nike has taken such measures in the past, and the company is strongly committed to brand protection and management.

Nike filed a complaint in February with the New York Federal Court, and among other things, Nike wants the company to stop the trade of NFT sneakers relating to its brand and turn over its NFT related profits to the company.

Nike also wants the judge to “order that StockX be required to deliver to Nike for destruction any and all Vault NFTs.”

Source: Nft News Today

Share196Tweet123Share34Pin44ShareSend

Related Articles

Planet IX Launches New Mission Control and Tile Contract
NFT News

Planet IX Launches New Mission Control and Tile Contract

February 5, 2023
1.4k
Metaverse Trends That Will Shape the 2020s
NFT News

Metaverse Trends That Will Shape the 2020s

February 5, 2023
1.4k
How Rejell Is Advocating Climate Action With Its First NFT Drop
NFT News

How Rejell Is Advocating Climate Action With Its First NFT Drop

February 5, 2023
1.4k
Ryan Carson Faces Backlash after Announcing Web3 Fund Flux
NFT News

Ryan Carson Faces Backlash after Announcing Web3 Fund Flux

February 4, 2023
1.4k
Borrow with Axies Assets on MetaLend
NFT News

Borrow with Axies Assets on MetaLend

February 4, 2023
1.4k
7 Ways NFTs and Digital Ownership Will Change the World in the Next 5 Years | NFT CULTURE | Web3 Culture NFTs & Crypto Art
NFT News

7 Ways NFTs and Digital Ownership Will Change the World in the Next 5 Years | NFT CULTURE | Web3 Culture NFTs & Crypto Art

February 4, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Warning: unlink(/tmp/jnewsfirstload-GNIXD1.tmp): No such file or directory in /home/customer/www/coinparative.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142