{"id":242704,"date":"2022-02-05T08:56:33","date_gmt":"2022-02-05T03:56:33","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=242704"},"modified":"2022-02-05T08:56:33","modified_gmt":"2022-02-05T03:56:33","slug":"nike-sues-maker-of-virtual-shoes","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/nike-sues-maker-of-virtual-shoes\/","title":{"rendered":"Nike sues maker of virtual shoes"},"content":{"rendered":"<p> NEW YORK<br \/>\nSports apparel giant Nike has filed a lawsuit against online reseller StockX in a New York federal court for the unauthorized sale of Nike shoe NFTs (non-fungible tokens).<br \/>\nFiling the suit, Nike disclosed that StockX began selling NFTs of its sneakers last month, informing customers they would be able to exchange the virtual tokens for real shoes \u201cin the near future.\u201d The online platform has allegedly sold over 500 Nike-branded NFTs so far.<br \/>\nAccording to media, Nike deemed the action an infringement on its trademarks and said the NFT sales would confuse customers. In the lawsuit, the company demanded an order to block the Nike-associated NFT sales on StockX. It also wants the reseller to pay damages, but the amount has not been disclosed.<br \/>\nThe pleading added that the NFT sale \u201cinflated prices and murky terms of purchase and ownership,\u201d while also marring Nike\u2019s business reputation. Nike announced it will release a number of its own virtual products later in February in collaboration with digital art studio RTFKT, which it bought last year.<br \/>\nIt is not the first lawsuit over NFTs, which have been gaining in popularity recently. Earlier this month, US rapper Lil Yachty sued music NFT start-up Opulous for trademark infringement, claiming that the firm \u201cmaliciously\u201d used his name and image. In January, French luxury design house Hermes sued artist Mason Rothschild over \u2018MetaBirkin\u2019 NFTs named after Hermes\u2019 famous Birkin handbags. In November 2021, Miramax studio sued director Quentin Tarantino after he announced plans to auction \u2018Pulp Fiction\u2019 movie NFTs.<br \/>\nNFTs are non-fungible tokens, which are units of digital data stored and traded online. Most NFTs are digital files such as photos, videos, and audio recordings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK Sports apparel giant Nike has filed a lawsuit against online reseller StockX in a New York federal court for the unauthorized sale of Nike shoe NFTs (non-fungible tokens). Filing the suit, Nike disclosed that StockX began selling NFTs of its sneakers last month, informing customers they would be able to exchange the virtual [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-242704","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nike sues maker of virtual shoes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/nike-sues-maker-of-virtual-shoes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nike sues maker of virtual shoes\" \/>\n<meta property=\"og:description\" content=\"NEW YORK Sports apparel giant Nike has filed a lawsuit against online reseller StockX in a New York federal court for the unauthorized sale of Nike shoe NFTs (non-fungible tokens). 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