As per the latest news, Nike, which is a giant sneaker selling company, has filed a case against Stockx, which is based in New York. The case was filed last week as unauthorized images of shoes of Nike floated to sell Non-fungible tokens (NFT). Last year, Stockx had a value of more than 3.8 billion dollars, and since last month they have started dealing with NFTs. The claims of Nike tell that Stockx has sold around 500 NFTs that are unauthorized by Nike.
Stockx later claimed that all the investors could redeem their NFTs in exchange for real Nike shoes. As per the lawsuit, Stockx has to provide monetary damages to Nike, and they are not allowed to sell and promote NFTs under the name of Nike. Nike also demanded from Stockx to destroy all NFTs that hold unauthorized Nike images.
Nike to launch its digital asset
Nike is planning to launch its digital asset in collaboration with RTFKT, which is an art studio. Earlier in December, RTFKT was acquired by Nike. Once the sale of unauthorized Nike NFT will stop, Stockx can walk away from all the charges.
Other lawsuits involving NFT
In recent times, the cases of NFTs fraud are increasing,.Quentin Tarantino was accused of his plans of using the movie ‘Pulp Fiction’ of 1994 in NFT auction. Also, in the previous month, Hermes, which is a famous French design brand, accused one of the artists named Mason Rothschild. He used Metabirkin NFTs, which were based on Hermes’ Birkin Bags.