The Metaverse boom has popularized NFTs (non-fungible tokens) in the market, but this opportunity is turning into a headache for big brands. Last week, Nike filed a lawsuit against the StockX marketplace, which specializes in sportswear, for the unauthorized use of virtual products. The facts: the North American platform minted NFTs of pairs of Nike shoes on its website and began to trade these “digital assets for investment” without the manufacturer’s authorization. While the imbroglio does not gain new chapters, StockX maintains its project, launched less than a month ago, in which the NFT of a Nike Dunk Low Off-White Lot 50 model, one of the last creations of the designer Virgil Abloh for the brand before the his death late last year is offered for the minimum bid of $10,000.
The whole question revolves around what the NFT prints in this universe. In a simplified way, an NFT is the representation of ownership over an asset, which can be only virtual or also exist in the physical world. Through blockchain technology, this object, which would be infinitely reproducible on the Internet (like the image of a sneaker, for example), goes through a scarcity generation process, that is, it is tokenized and transformed into a limited number of parts. (or the whole) of that asset. Because of this process, the owner of the NFT can define how that digital product will be used, either by releasing its reproduction for the payment of royalties or just transforming it into a rare piece, part of a virtual collection. Blockchain technology expert Tatiana Revoredo explains that we are moving towards the age of the internet of value. “It’s the tokenization of everything,” she said.
StockX is using the NFT as a traceable certificate of ownership of the physical item (the pair of Nike shoes, in this case, for which the NFT can be exchanged at any time) and to guarantee its consumer access to exclusive services on the platform. But Nike questions the legitimacy of the company’s NFT registration, which did not participate in the development of or own the product. The complainant’s movement is crucial to understanding the paths of this market going forward. If it is understood that the marketplace sells something to which it is not entitled, could the platform users, owners of the physical product, request registration and market the NFT of their peers?
Hermès is another in the fashion world that had to judicialize this discussion. The “Baby Birkin” animation, an artistic 2,000 x 2,000 pixel NFT created by Mason Rothschild and Eric Ramirez, sold at auction for $23,500 – at least $8,000 more than the bag. costs in the physical world. The image shows an iconic Hermès Birkin bag “pregnant” with a fetus. The brand questions the creation and commercialization of NFT with unauthorized use of the brand image. Unlike Nike, which has developed an experience within the Roblox game in which it is possible to purchase digital products from the brand, the French company has not yet applied for registration to create virtual assets, and is still outside a growing market, which is already moving billion in the luxury segment.
know more
+ SP: Man dies standing, leaning against car, and scene scares residents on the coast
+ One twin became vegan, the other ate meat. Check the result
+ Reincarnation in history: an age-old belief
+ Andressa Urach asks for money on the internet: ‘Help me pay my card bill’
+ Horoscope: check today’s forecast for your sign
+ CNH: see what you need to know for the application and renewal
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship sinking in 2011
+ Everything you need to know before buying a crockpot
+ US Agency warns: never wash raw chicken meat
+ What is known about fluorone?
+ Trick to squeeze lemons becomes a craze on social media
+ IPVA 2022 SP: see how to consult and pay the tax
#Metaverse #Nikes #dispute #marketplace #define #paths #NFT #registrations #ISTOÉ #DINHEIRO