The saga between StockX and Nike continues as StockX has issued a legal response to the ongoing lawsuit with the Swoosh. Nike has alleged that the resale platform’s 99.5% authentication accuracy rate as Nike stated that they’ve purchased counterfeit sneakers from StockX.
In a statement sent to Nice Kicks, StockX CEO Scott Cutler stated that Nike’s recent allegations lack merit, they don’t understand the modern marketplace, and they “seek to undermine StockX’s business model”. He also states that StockX has the most rigorous authentication process on the market and Nike looked to collab with StockX on authentication efforts in the past.
Interested readers can read the statement in full below as well as a statement put out by StockX on their website as well as the full legal filing. For all the latest news, keep it locked to Nice Kicks.
“StockX was built to make the secondary market safer and more efficient for consumers. We have invested millions of dollars to fight the proliferation of counterfeit goods and today have one of the most rigorous authentication processes among marketplaces. In addition, we continue to innovate for our consumers so that they can have access to the products they love in tech-forward ways. For example, through our Vault NFT program, consumers can buy and sell physical goods held in the StockX vault merely by trading associated NFTs that act as a claim tickets for the underlying physical goods.
Like Nike’s initial claims, Nike’s recent allegations lack merit, demonstrate a lack of understanding of the modern marketplace, and display anticompetitive behavior that will stifle the secondary market and hurt consumers. We look forward to defending our reputation and understanding why Nike, which once sought to collaborate in combatting counterfeits, now seeks to undermine StockX’s business model.“