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The NFT battle between Nike and StockX



In February, retail giant Nike sued re-seller StockX for launching a non-fungible token based on their shoes.

Last month, the popular re-seller was also accused of selling counterfeit shoes, which contradicts the site’s promise to authenticate its products.

In a court filing, the sneaker re-seller denies the allegations and says Nike’s complaint is “nothing more than a failed attempt to bolster its still meritless claims”.

The NFT series introduced by StockX was intended to allow customers to buy NFTs tied to a physical product.

But StockX trading suggests NFTs would benefit the buyer as they wouldn’t have to wait to resell a shoe.

Of the nine limited edition NFT’s launched, eight were based on Nike shoes.

Nike sued StockX by claiming the NFTs infringed on its trademarks and created confusion for their customers.

StockX is defending its anti-counterfeiting measures and alleges Nike had previously praised them for their measure.

“In the past, Nike has sought to collaborate with StockX and has communicated confidence in the StockX authentication process,” the company said in the draft filing.

Some Twitter users are calling this a marketing ploy from Nike. Meanwhile, others are calling out StockX for reselling shoes with massive markups on sneakers.

The court battle is set to be filed in U.S. District Court in New York City next Monday.

Amanda Gunn contributed to this report

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We know how the crypto market will recover, but when?



$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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Ex-Crypto boss Do Kwon denies he’s on the run



Do Kwon is denying reports he is on the run

The founder of Terraform Labs denied reports he is on the run from South Korean authorities.

It follows an international arrest warrant being issued for the cryptocurrency executive

Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.

The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.

Kwon insists that he is not fleeing from authorities and is cooperating with investigators.

Some analysts say this case highlights the risks associated with investing in cryptocurrency.

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Do Kwan wanted by Interpol over Terra collapse



Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra.

The BBC reports that a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.

The notice reportedly requests information on Kwon’s whereabouts and calls for his arrest and extradition to South Korea.

It’s the latest development in the ongoing saga of the Terra blockchain project, which has been mired in controversy since its inception.

The project raised billions of dollars through an initial coin offering in 2017, but it has since been dogged by allegations of fraud and mismanagement.

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