Nike sues StockX for selling more than 500 of the brand’s NFT sneakers without itconsent

The company demands compensation for damage to its reputation but does not name the amount.

• Nike said that StockX sold the sneaker tokens in January and promised that buyers could exchange them for a real pair, Reuters reported.
• The company insists it has received complaints about “inflated prices and unclear terms of purchase and ownership” of NFTs and that it has “damaged its business reputation.” Nike accuses StockX of trademark infringement, demands monetary damages and a ban on the sale of NFTs. The amount of claims is not specified.
• Nike plans to release some virtual objects itself in late February, along with the RTFKT studio, which it bought in December.
• StockX is an online retailer for reselling sneakers, bags, and clothing. In April 2021, its valuation exceeded $3.8 billion.