In a court filing on Thursday online reseller StockX claimed that Nike has a "fundamental misunderstanding" of NFTs and that the images of Nike sneakers that they are selling as NFTs on their platform do not violate trademarks. Nike sued StockX in February claiming infringement and consumer confusion, also stating that the StockX NFTs interfered with Nike's own NFT plans.
This case is considered significant because it explores essential questions about intellectual property and the value of digital goods in the rapidly-ascending NFT space. As IRL fashion continues to move into the metaverse concerns about standards and best practices for brand likeness are sure to increase and to be argued out in the court of law.
Nike certainly has big plans in development for the NFT space, as is evidenced by their recent purchase of red hot digital fashion house RTFKT Studios. Meanwhile the founder of StockX is moving into the IRL collectibles business, opening up the card company Zerocool, and stating that there are "a lot of similarities between NFTs and trading cards."