Nike Sues StockX Over Counterfeit NFT Shoes Trading Case

Illustration/Photo: Antara

JAKARTA - Nike sued the StockX platform in New York federal court for selling Nike products it said was illegal and flagged the lawsuit over NFT's digital assets. NIKE's lawsuit asks for an unspecified amount of compensation and asks StockX to block their sale. Quoted by Reuters from Jakarta, Saturday, February 5, Detroit-based StockX platform is often visited by the public to buy shoes, bags, or other luxury goods. The total is estimated at US$3.8 billion or equivalent to Rp54 trillion. The lawsuit was filed by Nike after several of its customers requested the exchange of NFT Nike-designed sneakers for physical versions.

After being investigated, it appears that the consumer bought an NFT which Nike judged to be an unofficial NFT from StockX. The consumer received a message that the NFT could be exchanged for a physical shoe form in the near future and eventually bought the NFT. There were about 500 complaints, which means there were 500 NFT StockX sold with Nike shoe designs. Nike also sued StockX for making unreasonable NFT prices and also unclear requirements for harmed consumers. Because it harms consumers and carries the Nike name, Nike feels that the stockX business has damaged Nike's reputation .Regarding NFT, Nike will only release its virtual product at the end of February 2022 along with the RTFKT studio which it acquired in December 2021. In recent years, NFT has become viral and loved by the global community. copyright infringement. For example in January 2022 Hermes sued Mason Rothschild over N FT "MetaBirkin" which is a digital version of the French company's Birkin bag. Then Quentin Tarantino was sued by Miramax for his plan to auction the film "Pulp Fiction" (1994) as an NFT.