Nike and StockX settle trademark dispute over NFTs and counterfeit shoes

PANews reported on September 1 that according to Decrypt, Nike Inc. and StockX, a Detroit-based online trading platform, reached a settlement in the New York Federal Court last Friday over NFTs and trademark abuse related to sneakers, ending the three-year lawsuit. Previously, a judge ruled that the resale platform sold counterfeit sneakers for more than half a year. The settlement immediately canceled the jury trial originally scheduled for October and dismissed all claims with prejudice. This move relieved StockX of the risk of an unfavorable ruling and also allowed Nike to avoid the uncertainty of putting its brand protection strategy in front of a jury. The case was filed in the Southern District Court of New York in February 2022, when Nike accused StockX of infringing its trademark rights and causing trademark dilution, claiming that its “Vault” NFT used images of Nike sneakers without authorization to sell tokens linked to physical shoes.