• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Nike Sues StockX Over Latest NFTs

Taylor Scott by Taylor Scott
3 months ago
in NFT
0

It’s been less than a month since we first covered online sneakerhead and hypebeast cultural hub StockX and their first formal foray into NFTs, with the ‘StockX Vault.’ In an effort to seemingly tokenize their physical assets, StockX sought a new way to recognize ownership – but what that truly means and how StockX would fully implement it? Those questions still have some much-needed clarity that needs to be brought to the surface.

Before that can happen, however, StockX will face more uphill battles, as leading apparel firm Nike is filling a lawsuit against the platform for unauthorized trademark usage.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

StockX, Nike, & The Unique Case Of NFT Trademark Usage

Given how early in the days of NFTs we actually are, there’s little to no precedent when it comes to how the courts will view trademark integration and usage when it comes to NFTs. However, here’s what we do know about the latest lawsuit in this space…

  • A Federal lawsuit centered on brand dilution: Nike filed the suit this week in the southern district of New York, claiming that the Vault program uses Nike trademarks without approval. The complaint reads:

“Nike did not approve of or authorize StockX’s Nike-branded Vault NFTs. Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”

  • Nike’s complaints replicate a common critic’s POV: StockX critics in the early days of the Vault program have expressed much disdain around the degree of centralization within the ‘Vault.’ The platform’s TOS state that an NFT in the Vault program can essentially be redeemed from the owner’s hands at any time for an “experiential component” at the platform’s sole discretion. Doesn’t sound congruent with the aspects of true ownership we typically associate with NFTs.

Related Reading | NFTs In A Nutshell: A Weekly Review

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Polygon continues to find itself as a prime NFT alternative for major brands and companies that are looking for ownable NFT experiences for consumers. | Source: NYSE: NKE on TradingView.com

Lack Of Precedent

While the lawsuit could likely land with some sort of settlement, it’s worth noting that there’s still plenty of questions to be answered around IP usage when it comes to NFTs.

In recent weeks, we’ve been keeping a close eye on the ongoing battle with fashion house Hermes and NFT designer and ‘MetaBirkins’ creator Mason Rothschild. The fashion brand previously sent a cease-and-desist to Rothschild over his popular NFT series, to which Rothschild publicly declined the invitation to cut ties with the project. In the latest development, Hermes has elected to sue Rothschild. The case is widely being considered as one that could set the precedent for NFT IP usage for the years to come.

Related Reading | The NFT Industry: On Scams, Exploitations And Dealing With The Nitty-Gritty Of The Business

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Related Posts

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

8 hours ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

11 hours ago
NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

2 days ago
metaverse

Metaverse Land Value Is Dropping – Should You Buy Now?

6 days ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

6 days ago
Madonna

Madonna Gives Birth To Flora And Fauna In 1st Beeple NFT Project (That’s NSFW)

6 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.