• 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
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?

Nike Sues StockX Over Latest NFTs

Taylor Scott by Taylor Scott
1 year 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.

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

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

Blur Blend Loan

More NFT Holders On Blur Are Taking Loans, Not Trading

7 days ago
NFT sells for $2.5 million

Broke To Big Bucks: Bankrupt Crypto Firm’s NFT Assets Sell For $2.5 Million At Auction

2 weeks ago
NFTs

Are We Witnessing A NFT Capitulation? Market Sees Biggest Drop Of 2023

3 weeks ago
Elon Musk

Elon Musk Effect: Miladys NFT Floor Price Skyrockets Because Of This Tweet

3 weeks ago
OpenSea

Former OpenSea Exec’s NFT Scheme Comes Crashing Down With Guilty Verdict

4 weeks ago
Blur

A Look At Blur’s New NFT Lending Protocol, Blend

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    18 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    18 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    20 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • The Next Pepecoin: Invest Now in the Hottest Upcoming Token...

    52 mins ago
  • BNB Chain Sees Its Highest Volume This Year As Uwerx(WERX)...

    52 mins ago
  • Smart Bitcoin Ignites Tech Innovation, BTCDomain Pioneers...

    52 mins ago
  • Investors Pick Sparklo (SPRK) Over Chiliz (CHZ) Due To Its...

    58 mins ago
  • Injective Price Hits One-Month High, TMS Network Offers...

    2 hours 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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 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.