Last week, Nike (NYSE:NKE) filed a trademark infringement lawsuit against sneaker resale giant StockX for selling its “Vault” NFTs without authorization.
In a federal complaint filed Thursday last week, Nike alleged that StockX was using its trademark without authorization to market and activate “Vault” NFTs, the well-established trademark of resale giant Nike, by mining Violating and weakening.
BeInCrypto obtained a copy of the federal complaint, which states that Nike “never approved nor authorized StockX to manufacture its Nike-branded Vault NFTs” and that “those unrestricted products may not deter consumers from are likely to confuse, create a false connection between those products and Nike. And dilute Nike’s well-known trademark.”
To the confusion of many consumers already, the lawsuit was not surprising, as many users on social media are already starting to question StockX’s NFTs and whether or not Nike was actually linked to the sneaker resale giant.
Hermes and Mason Rothschild Litigation
This lawsuit, which, unfortunately, will be one of many, is another example of how intellectual property will continue to infiltrate the worlds of Web3 and NFTs, making it important for creators and buyers to do their due diligence.
Back in January, French luxury fashion brand Herms sued Mason Rothschild, the Los Angeles-based digital artist who created NFT’s ‘MetaBirkins’ series, for trademark infringement. Rothschild has made it clear via his Instagram account that he has no intention of stepping down, and will fight according to his First Amendment rights.
Excitingly, Nike teased it in its complaint coming out later this month, revealing that it plans to release virtual products from its RTFTK brand. Nike acquired the NFT brand RTFKT in December, which will be placed under Nike’s new Virtual Studio division – the company’s penetration into Web3 and the Metaverse with its NIKELAND 3D experience.
Benoit Pagoto, one of the co-founders of RTFKT, said, “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we are excited to grow our brand that is fully Made in the Metaverse.” -founded by.
What did you think of this topic? write to us and let us know,