Nike is suing an online marketplace for launching non-fungible tokens (NFTs) based on Nike shoes, testing the limits of crypto trademark law and what an NFT actually is.
StockX is a reseller for streetwear, bags, and sneakers, among other items. Unlike some marketplaces, it’s also an intermediary that takes in items and verifies their authenticity. StockX built on that system in January by launching NFTs linked with physical goods. The announcement promises these “Vault NFTs” can be redeemed for physical items but also traded instantly as digital goods.
The problem is that Nike shoes are extremely popular on StockX, and its Vault tokens are linked with the name and picture of their corresponding products. Nike alleges that the resulting…
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