Ever wondered if you can truly destroy or delete an NFT?
Well, Nike tried to do just that.
So StockX, a popular website that allows users to resell branded items, anything from sneakers to collectible cards, is apparently selling NFT versions of Nike shoes.
To be fair, they were already selling normal, physical Nike shoes previously.
They have recently started selling NFT versions of Nike shoes.
How does it work?
Users can simply purchase the Nike NFTs and trade them as any other NFTs.
They have the additional option of exchanging that NFT for a specific physical shoe anytime they want to.
That is interesting right?
To have a digital asset that you can trade, appreciate in value and still eventually having a direct utility of exchanging it for a physical item in real life.
Unlike some digital apes that costs a quarter million dollars and can’t do that.
Nike had a serious issue with them selling the likeness of their Nike brand as NFTs and decided to sue them in court.
They claim it is a direct trademark infringement.
“Nike is asking a court to destroy something that pretty much can’t be destroyed.”
What do you do exactly?
Delete the jpeg on the website and where it is stored digitally?
Delete the record on the blockchain?
Redirect the address to something else?
How do you show proof of “destruction” for an NFT?
“According to some, the most practical thing for Nike to do would be to send the NFTs to a so-called burner wallet. This wouldn’t destroy them but still achieve the same purpose: This means that the best outcome for a brand that is seeking to have NFTs destroyed may be to have them sent to a burn address, which still does not actually destroy them but renders them incapable of being transferred anymore.”
These are unprecedented scenarios that the court has to rule on, which is no easy feat.
Think about it, reselling Nike shoes on a website is perfectly fine, but selling NIKE NFTs isn’t.
What is the difference?
We are entering a new era of wonders, wars and wilderness playing out directly in the metaverse.
What an exciting time to be alive!
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Can you destroy an NFT?
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#startups #business #startupx #nike #success #socialmedia #culture #stockx #court #strategy #eth #bitcoin #cryptocurrency #bayc #nft #yugalabs #getrich #airdrop #mayc #branding
