Guys, we just wanna buy some sneakers.
. In a court filing, the sneaker reseller says that Nike’s complaint is “nothing more than a failed attempt to bolster its still meritless claims.”, the idea was to allow customers to buy NFTs tied to a physical product akin to a digital receipt. According to the company, the benefit would be more efficient trading as a buyer wouldn’t have to wait to resell a shoe. Of the nine limited-edition Vault NFT series initially launched, eight were linked to Nike shoes.
When Nike sued, it claimed the NFTs infringed on its trademarks and would be confusing to customers. Then, in, Nike said it bought four pairs of counterfeit shoes from December to February. Essentially, Nike is questioning how StockX can use NFTs to authenticate sneakers when it can’t even reliably tell if a sneaker is real or fake.
Essentially, Nike is questioning how StockX can use NFTs to authenticate sneakers when it can’t even reliably tell if a sneaker is real or fake StockX takes issue with Nike’s characterization of its authentication process. Unlike other resellers, StockX made a name for itself by promising each shoe sold on its site is the real deal. In the filing, the reseller says each sneaker is inspected by hand along with “AI-enhanced machine learning technology.” It also noted that in the past, Nike had praised StockX’s authentication process and its efforts to stop counterfeits.
Basically, the whole brouhaha boils down to Nike and StockX disagreeing over what the Vault NFTs are. StockX says in the filing that the Vault NFTs are “absolutely not ‘virtual products’ or digital sneakers” because they’re tied to a physical good. Because it serves as a digital receipt, StockX says it can’t actually be sold as a separate product. The thing is, when you buy the Vault NFT, the shoe itself actually stays in StockX inventory until someone chooses to claim the physical good.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A Look at Filecoin’s Ecosystem DevelopmentsBlockchain-based decentralized storage networks saw rapid adoption last year, coinciding with NFTs going mainstream and surging interest in web3.
Read more »
First Mover Asia: When It Comes to Crypto, Hong Kong Isn’t the World’s ‘Freest Economy’; Bitcoin Has a Late Fall Below $30KA memo this week by the Hong Kong Securities and Futures Commission suggests that the agency will be looking to regulate NFTs; Bitcoin takes a late dive. TheSamReynolds and JPRubin23 report
Read more »
Fully managed end-to-end marketplace releases NFTs with high holder rewardsThe first fully-managed NFT marketplace simplifies the process for designers to create metaverse assets. (Sponsored)
Read more »
MetaBrewSociety to offer voting rights over a brewery via NFTs and DAOAs part of the project, MBS will offer a range of tokenized “beer share” certificates that offer varying levels of governance rights over a physical brewery in Munich that will also have an equivalent that the Metaverse.
Read more »