StockXLLC in the sneaker market says Nike Inc. sells counterfeit shoes as the platform is one of the industry’s most strong authentication processes, spending millions of dollars fighting the spread of counterfeit goods. I denied the accusation.
The world’s largest sneaker maker claimed in a February proceeding that StockX infringed its trademark through a service called Vault NFTS. Nike escalated the fight last month, saying it bought counterfeit shoes on the site, even though it promised that everything on the platform was genuine.
StockX counterattacked on Monday. In a court filing, the company said authenticators would use their knowledge and artificial intelligence-based technology to ensure that all products sold on the site were genuine.
Nike’s proceedings are “just an unfounded and misleading attempt to thwart innovative and efficient ways to trade current culture,” Stock X said. The shoemaker’s claim “shows a fundamental misunderstanding of the various features that NFTs can offer,” Stock X said.
“StockX sells physical sneakers and other merchandise online using product images and descriptions, just like the major e-commerce retailers and markets that consumers see (and don’t get confused) every day. “StockX said.
“Nike’s lawsuit is as a claim ticket by other innovators who use NFTs to track ownership of physical merchandise stored in vaults, not just StockX, but art, whiskey, wine, etc. It threatens the legal use of NFTs. “
Cases are Nike Inc.v StockX LLC, 22-cv-983, US District Court, Southern New York District.