Nike may be concentrating its efforts on NFT sneaker knockoffs in light of their recent proliferation. This follows a recent lawsuit brought against them by sneaker marketplace StockX for releasing Nike sneaker NFTs.
The StockX case, which was filed earlier this year, may be scaring away developers of metaverse NFTs. StockX has responded, arguing that images of Nike footwear offered as non-fungible tokens do not infringe on trademarks owned by Nike Inc. They asserted that by filing suit against the company last month, the Oregon-based firm displayed a “fundamental misunderstanding” of NFTs.
StockX introduced its ‘StockX Vault’ NFTs, which comprised both a physical and an NFT version of the footwear. They remain available on the platform notwithstanding the ongoing litigation between the two parties.
Other metaverse footwear creators should be on the lookout right now. Businesses with a big legal budget could go bankrupt if they are sued by Nike and compelled to pay.
The majority of firms should be concerned only if their advertisements use Nike sneakers rather than ‘unbranded’ ones. If Nike is searching for individuals to suit, the unbranded designers of metaverse sneakers should be fine until they are found to be imitating Nike’s design or hues, for example.
With the acquisition of RTFKT Studios, both firms should aim to release Nike-inspired sneaker NFTs utilizing the studio’s expertise.
NFT sneakers appear to be the next big thing, given the growth in popularity of the metaverse and NFT fashion. As a result, they should be developed by more businesses in order to capitalize on the next major trend.
Last year, Complex questioned whether NFT Sneakers were “authentic” or a “scam.”