Last week, Nike (NYSE:NKE) filed a lawsuit for trademark infringement against sneaker resale giant StockX for selling its “Vault” NFTs without authorization.
In the federal complaint filed on Thursday last week, Nike alleges that StockX was using its trademarks without authorization to market and that by minting the “Vault” NFTs, the resale giant is actively infringing upon and diluting Nike’s well-established trademarks.
BeInCrypto obtained a copy of the federal complaint, which states that Nike “never approved nor authorized StockX to create its Nike-branded Vault NFTs” and that “those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”
To the confusion of many consumers already, this lawsuit was not surprising, as many users across social media have already began to question StockX’s NFTs and whether or not Nike was actually associated with the sneaker resale giant.
Hermès and Mason Rothschild Litigation
This lawsuit, which will unfortunately, be one of many, is another example of how intellectual property will continue to infiltrate Web3 and the world of NFTs, making it crucial for creators and buyers to do their due diligence.
Back in January, French luxury fashion brand Hermès sued Mason Rothschild, a Los Angeles-based digital artist who created the ‘MetaBirkins’ series of NFTs for trademark infringement. Rothschild has made it clear through his Instagram account that he has no intentions of stepping down, and that he will be putting up a fight pursuant to what he thinks are his First Amendment rights.
Excitingly, Nike also happened to tease in its complaint about what’s to come later this month, stating it plans to release virtual products from its RTFTK brand. Nike acquired the NFT brand RTFKT back in December which will be housed under Nike’s new Virtual Studios division – the company’s penetration into Web3 and the metaverse with its NIKELAND 3D experience.
“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and we’re excited to grow our brand which was fully formed in the metaverse,” said Benoit Pagotto, one of RTFKT’s co-founders.
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Source: https://beincrypto.com/nike-sues-stockx-for-infringing-nfts/