It would seem that Nike is about to head into the cryptocurrency fray. That is at least if a recent document filing with the United States Patent and Trademark Office (USPTO), submitted on April 19th, is to be believed.
Is Nike about to launch a Cryptokicks cryptocurrency?
Specifically, Nike’s application to the USPTO suggests that the footwear behemoth is looking to launch its own cryptocurrency-related offering. Although the application mainly focuses on a trademark application for ”CRYPTOKICKS”, the real interesting revelations come in the supplementary information.
Namely, the trademark application is – among other things – stating that the trademark is filed in order to be used for a range of cryptocurrency-related things:
”Cryptocurrency software wallets; cryptocurrency hardware wallets; downloadable computer software for use as a cryptocurrency wallet; downloadable computer software for managing cryptocurrency transactions using blockchain technology…”
The trademark filing is extensive, and covers virtually all facets of cryptocurrency-related activities. The intended area of usage also goes on to mention cryptocurrency tokens specifically:
”Downloadable mobile applications for providing access to crypto-collectibles, crypto-art and application tokens; downloadable software for use in electronically trading, storing, sending, receiving, accepting and transmitting digital currency, and managing digital currency payment and exchange transactions…”
Consequently, it seems exceedingly likely that Nike is pondering an incursion into the cryptocurrency industry. Moreover, Nike is seeking to trademark the Cryptokicks name in several different international classes.
Nike is well-known for aggressively adopting new digital technologies
Another notable area it is seeking to register the trademark in is that of ”online marketplace services, namely, providing a marketplace for buyers and sellers of digital currency assets; Operating an online marketplace featuring footwear and clothing; on-line retail store services.”
This suggests that could be looking to establish an online ”Cryptokicks” website which features support for cryptocurrency payments. According to Josh Gerben, an American trademark attorney, this filing is supposedly indicating the presumptive launch of a ”Nike Coin”.
”This appears to be a filing for a brand of a cryptocurrency […] this is trademark speak for ’this is a cryptocurrency called Cryptokicks’.”
Furthermore, Nike has supposedly submitted a sworn statement that they intend to use the Cryptokicks in the ”near future” – as the company made the application on a so-called ”1B” basis. Subsequently, it would seem that the launch of this cryptocurrency is perhaps not too far off.
This somewhat surprising development comes as the American footwear giant is looking to continue to drive digital sales. Nike has already been at the forefront of increased digitalization, with a comprehensive social media strategy as well as pushing its mobile application as an online touchpoint for sales.
In fact, Nike’s official website states that Nike’s ”digital commerce business” is already worth a solid $2 billion. Moreover, the company touts that it is focused on ”reimagining how technology connects with and motivates consumers.”
As such, it is perhaps not too astonishing that Nike is now seemingly preparing for a foray into the cryptocurrency sector as a way to further cement its place at the forefront of digital technologies.
Image by Pexels from Pixabay
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.