StockX responds to Nike’s legal action regarding NFTs and counterfeit footwear
Nike sued StockX, a major online sneaker reseller, in February for introducing a non-fungible token (NFT) series based on Nike’s shoes. Last month, it accused StockX of deliberately selling counterfeits, which shouldn’t be conceivable given that StockX claims to validate the shoes offered on its website. StockX is now retaliating. Nike’s complaint, according to the shoe reseller, is “nothing more than a futile attempt to reinforce its still meritless allegations.”
In January, StockX launched its Vault NFT series. According to the company, the goal was to allow customers to purchase NFTs attached to tangible goods, similar to a digital receipt. The result, according to the corporation, would be more efficient trading because a buyer would not have to wait to resale a shoe. Eight of the inaugural nine limited-edition Vault NFT series were related to Nike shoes.