StockX Responds to Nike Lawsuit Over Sneaker NFT Sales

Mar. 31, 2022

< 1 min read

UPDATE (03/31):

StockX has responded to the Nike lawsuit, claiming the NFTs are only used to track sneaker ownership, according to Reuters.

The reselling platform noted in a Manhattan court filing that its NFTS were “no different than major e-commerce retailers and marketplaces who use images and descriptions of products to sell physical sneakers and other goods, which consumers see (and are not confused by) every single day.”

Additionally, StockX states that NFTs are “claim tickets” to access shoes stored in a “vault” after a purchase them, providing proof of ownership & authenticity.

StockX noted that the NFTs are not virtual products or digital sneakers. StockX claims that the “ticket” gives users the ability to bypass the authentication process, according to its statement.

Nike is taking legal action over StockX, according to Reuters.

StockX recently announced its NFT program that gives owners of the NFT to redeem the shoe in physical form in the future. Nike claims that StockX sold over 500 Nike-branded NFTs. The lawsuit also states that the NFTs have “inflated prices and murky terms of purchase and ownership.”

Stay tuned to SoleSavy as the lawsuit and the story develops.

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StockX Responds to Nike Lawsuit Over Sneaker NFT Sales

UPDATE (03/31):

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