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Withers' Michael Rueda featured in Fortune article "Nike is the latest company to file suit over NFTs as brands get serious about the marketplace"

9 February 2022 | Applicable law: US

US Head of Sports and Entertainment practice Michael Rueda was featured in Fortune’s recently published article, ‘Nike is the latest company to file suit over NFTs as brands get serious about the marketplace.’

The article discusses Nike’s recent suit against StockX for selling NFTs that infringe on its trademarks. The suit illustrates the increase of companies and notable individuals pursuing legal means to protect their territory in the emerging NFT and metaverse industry.

Michael notes that “Companies are going to be on the lookout to make sure that nobody is out there creating NFTs in this space that are violating their rights and their intellectual property rights. There might also be a defensive component to Nike’s suit. Complaints like the one the company filed against StockX could protect it from being blamed if fraudulent versions of the NFTs appear on other marketplaces. If they’re not protecting against fraud or counterfeits and people are feeling defrauded, if there end up being counterfeits on the platform or what have you, then yeah, they will look to Nike and think Nike’s involved with it.”

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