Nike questioned StockX’s authentication accuracy, but now the major reseller is firing back because CEO Scott Cutler wasn’t feeling the disrespect. Cutler says that Nike’s allegations have no merit because they don’t understand the current landscape of the sneaker marketplace, and even said that the swoosh looked to work with StockX to eliminate fake sneakers.
Cutler didn’t hesitate to ring off a list of accomplishments the company has made while trying to make the resell market a less daunting place for sneakerheads and casual buyers alike.
“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,” Cutler said in a statement.
“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,” he continued. “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.“
The issue began last month when Nike said that StockX’s “99.5% authentication accuracy rate” was a baseless claim because they purchased four pairs of counterfeit sneakers from the platform. Nike was already suing StockX for selling Vault NFTs and tried to block the sale because they are likely to confuse consumers
“Those four pairs of counterfeit shoes were all purchased within a short two-month period on StockX’s platform, all had affixed to them StockX’s ‘Verified Authentic’ hangtag, and all came with a paper receipt from StockX in the shoe box stating that the condition of the shoes is ‘100% Authentic,’” Nike said in a court filing last month.
StockX initially fired back that hundreds of Nike execs have purchased kicks through the marketplace with no issue. Nike has yet to respond to StockX’s latest claims refuting its statement.