This lawsuit is somewhat similar to the January lawsuit by Hermés against artist Mason Rothschild, who has been selling "MetaBirkin" NFTs (though MetaBirkins describes itself as an art project, and promises no physical items).
Nike filed a lawsuit in New York federal court against StockX, an online reseller that decided to get in on NFTs in January. StockX started selling "NFTs tied to physical products", and say that buyers are also purchasing the "opportunity to take possession of [the corresponding physical item]" at any time". Nike has objected to this, stating that the NFTs infringe their copyright, are likely to cause confusion among customers, and have hurt their reputation. According to the complaint, StockX has already sold more than 500 NFTs of Nike products. The StockX site shows that some Nike NFTs have traded for thousands of dollars. Amusingly, although the NFTs exist on the Ethereum blockchain, "cryptocurrencies are not an acceptable payment method for NFTs at this time" and NFTs can't be transferred or traded outside of the StockX platform. According to their FAQ, "StockX maintains custodial authority of all NFTs traded on the platform".