The NFT battle between Nike and StockX

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In February, retail giant Nike sued reseller StockX for launching a non-fungible token based on its shoes.

Last month, the popular retailer was also accused of selling counterfeit shoes, which contradicts the site’s promise to authenticate its products.

In a court filing, the sneaker retailer denies the allegations and says Nike’s complaint is “nothing more than a failed attempt to bolster its as-yet-unsubstantiated claims.”

The NFT series introduced by StockX was intended to allow customers to purchase NFTs tied to a physical product.

But StockX trading suggests NFTs would benefit the buyer because they wouldn’t have to wait to resell a shoe.

Of the nine limited edition NFTs released, eight were based on Nike shoes.

Nike sued StockX claiming that the NFTs infringed its trademarks and confused its customers.

StockX defends its anti-counterfeit measures and alleges that Nike previously praised them for their measure.

“Nike has sought to collaborate with StockX in the past and communicated its confidence in the StockX authentication process,” the company said in the draft filing.

Some Twitter users are calling it a Nike marketing ploy. Meanwhile, others are calling StockX to resell shoes with massive markups on sneakers.

The legal battle is expected to be filed in US District Court in New York next Monday.

Amanda Gunn contributed to this report

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