Companies such as Nike have been rushing to digitize their products (sneakers, burgers, beer, clothing, tweets) in the form of NFTs, or non-fungible tokens, and add-ons for virtual spaces — or the metaverse.
Why it matters: Popularity can be monetized in more ways than ever. But with that comes a whole new set of threats to brand protection.
Driving the news: Nike and secondary online marketplace StockX are locked in a legal battle over the use of Nike’s brands.
StockX responded to the latest claim today in a filing, and CEO Scott Cutler tells Axios the claims are “absolutely meritless.”
What to watch: StockX is preparing to go public and Cutler wouldn’t say more about the process other than the company is focused on expanding globally.
