Nike and StockX have settled the 2022 trademark lawsuit Nike filed against the online reseller over the sale of counterfeit shoes and NFTs.
The court will dismiss the case with prejudice, meaning it cannot be refiled. The companies issued a joint statement that they resolved the case “amicably” on confidential terms. No other terms were reported.
Nike filed a lawsuit in February 2022, alleging that StockX’s NFT images of its sneakers infringed its trademarks. NFTs are digital assets used to verify the authenticity of digital art and other internet-based objects.
In May 2022, Nike claimed it had purchased counterfeit shoes on the StockX site, despite promises that everything sold on the platform is authentic.
In June 2022, StockX stated that it has one of the strongest authentication processes in the industry and has devoted millions of dollars to combating the spread of counterfeit products.
In its response, StockX said that Nike never expressed concerns to StockX about its authentication processes.
StockX also reiterated that its Vault NFTs are not physical shoes.
“Nike’s lawsuit is nothing more than a baseless and misleading attempt to interfere with an innovative and efficient method to trade in current culture, part of the increasingly popular and lawful secondary market for the sale of its sneakers and other goods,” StockX said at the time.
“The fight started when StockX launched “Vault” NFTs tied to physical sneakers. These tokens showed Nike shoes, complete with logos, which Nike claimed could mislead customers into thinking there was some kind of partnership,” 99Bitcoins reported over the weekend.
