Nike claimed that StockX wants to mislead the lovers of the Nike brand by showing some relationship between both the companies.
Around a month ago, StockX initiated its plan to jump into the NFTs based project for its brand value to cover the online sneakerhead and hypebeast cultural hub with efforts to give an option to the users to verify the ownership of physical assets.
Now, Nike claimed that StockX is trying to use the trademark of the Nike brand in unauthorized ways and it may mislead the fans of Nike and lower down Nike brand value.
“Nike did not approve of or authorize StockX’s Nike-branded Vault NFTs. Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks.”
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However there are many questions, which are still revolving around how the proceedings will go through because here not everything can be presented offline, so it will be a tedious task for the court to give a better decision but experts believe that both parties will settle the case in favor of each other’s brand value.
Under the Federal lawsuit centered on brand dilution: Nike filed the suit this week in the southern district of New York, claiming that the Vault program uses Nike trademarks without approval.” The complaint reads
In the very starting, when StockX introduced its Vault, many critics of StockX raised their voice against the new effort of StockX and claimed that the platform’s TOS state makes it a centralized platform, where the owner can directly redeem the NFTs easily without any restriction of actual owner
These things are showing that NFTs concept in the crypto industry is much better with the use case, where people can’t raise questions against the decentralized system. May be centralization was a big problem for NFTs to not get success in 2010.
Read also: Bitcoin getting better buy support, what does it mean for buyers?
Nike files lawsuit against StockX’ NFTs efforts
https://bitcoinik.com/nike-files-lawsuit-against-stockx-nfts/feed/
https://bitcoinik.com/nike-files-lawsuit-against-stockx-nfts/feed/
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