The whole thing boils down to Nike and StockX disagreeing on what the Vault NFTs are. According to StockX, the Vault NFTs are “definitely not ‘virtual things’ or digital footwear” because they are linked to a physical good. StockX claims it cannot be offered as a separate product because it serves as a digital receipt. The problem is that when you purchase the Vault NFT, the sneaker itself remains in StockX inventory until someone chooses to claim the physical commodity. Meanwhile, the NFT can be resold several times. According to Nike, this distinguishes the Vault NFTs as a different product rather than a digital receipt.
Whatever the outcome of this case is, it could have far-reaching repercussions for how an NFT is defined and whether NFTs in the resale market is considered trademark infringement.
