The globally renowned sportswear giant Nike has instituted a suit in the Southern District Court of New York against an online resale marketplace, StockX, for trademark infringement, trademark dilution, and other charges under the trademark and anti-dilution laws of the United States, and under statutory and common law unfair competition.
The entire controversy had started with the launch of StockX’s Vault NFTs bearing Nike’s trademarks on them.
Launch of StockX’s Vault NFTs & Nike Suing StockX
StockX operates an online resale platform for different brands of sneakers, electronics, apparel, and other goods. A collection of NFTs was launched by StockX’s New York-based Editorial Director on January 18, 2022. This was known as StockX Vault NFTs, which the users would purchase directly from StockX via the StockX Website and StockX App.