Nike may now focus more on NFT sneaker copycats, after many have been popping up recently. This comes after the company recently went through a lawsuit with sneaker marketplace, StockX, over the release of Nike sneaker NFTs.
The Infamous Nike and StockX Lawsuit
The lawsuit that may be scaring off metaverse NFT producers is the StockX lawsuit which we saw go on earlier this year. Now, StockX has responded, saying that images of Nike sneakers it sells as non-fungible tokens do not violate Nike Inc trademarks. They argued that the Oregon-based company had shown a “fundamental misunderstanding” of NFTs by suing the company last month.
StockX released their ‘StockX Vault’ NFTs that saw an NFT version of sneakers accompany the physical version. They are still available on the platform, despite the ongoing lawsuit between the two parties.
Other Metaverse Sneakers May Need to Watch Out
Creators of other metaverse sneakers may now need to watch out. With their huge budget, which can be used for lawsuits, companies could go totally bust if they receive a lawsuit from Nike, and are forced to payout.
Most companies should only have to watch out if they depict Nike sneakers, not just ‘unbranded’ ones. The unbranded creators of metaverse sneakers should be fine if Nike is on the hunt for people to sue unless they are seen to be copying Nike’s design, or colourways, for example.
With the company’s purchase of RTFKT Studios, we should see both companies try and release Nike-based sneaker NFTs, with the expertise in the space of the studio.
NFT sneakers seem to be the next big thing, with the increase in popularity of the metaverse and NFT fashion. So, more companies should be developing them, looking to profit from the next big trend.
Last year, Complex discussed whether NFT Sneakers were ‘for real’ or ‘just a scam’. You can watch the full video here.