Crypto

The NFT battle between Nike and StockX

Published

1 year ago

June 7, 2022

ticker NEWS

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.

Anyone else find it interesting that Nike claims to have ordered fake sneakers from StockX but didn’t request StockX stop being able to sell Nike sneakers? 🤨
— YouTube Guy (@SneakerPhetish) May 13, 2022

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.

I hope Nike sues stockx for every last cent. pic.twitter.com/XVU0VVR8J7
— Ishthadon (pocketwatcher) (@lshmaeI) June 7, 2022

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

Crypto

Why is the world’s largest crypto exchange battling U.S. regulators?

Published

4 months ago

June 15, 2023

ticker NEWS

U.S. regulators have filed charges against Binance, the world’s largest crypt exchange

Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?

The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.

The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.

In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.

Zhao has publicly dismissed the allegations.

Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao

Crypto

Is the metaverse the future of social network?

Published

4 months ago

May 30, 2023

ticker NEWS

U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

Crypto

Who will win the global metaverse race?

Published

4 months ago

May 30, 2023

ticker NEWS

China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech