StockX purports that the VaultNFTs are not digital sneakers, but represent physical sneakers that are in a vault and can be sold or traded among consumers.
Today it was revealed that Nike has taken the suit a step further, claiming the VaultNFTs and other sneakers on StockX are counterfeit. The sportswear giant even claims to have purchased four pairs of physical sneakers that were fakes, undermining StockX's supposed authentication process.
StockX replied in an Instagram Story post, calling Nike's claims "baseless" and that the whole debacle "clearly demonstrates their lack of understanding of the modern marketplace."
As of now, StockX has not removed any Nike VaultNFTs. Stay tuned for additional info as the case unfolds.