Is Nike Planning To Enter The Crypto Field?

Nike Inc has submitted a trademark application for the word ‘cryptokicks’, which indicates that it may be gearing up to launch its own digital currency and a host of cryptocurrency related products.

The application, filed on April, 19, outlines how the company‘s proposed digital currency could be used by an online community. The document also describes an online footwear and clothing marketplace, as well as “a website featuring technology that enables users to mine, earn, purchase, receive by any other means, store, and transfer blockchain-based tokens, coins, cryptocurrencies, and other crypto assets.”

Nike’s application comes amid a company wide effort to focus on its digital footprint. The American multinational is seemingly focusing on e-commerce and mobile sales as part of a business strategy that places specific emphasis on launching products to market at greater speed and fostering greater connections with consumers.

Just last month, Nike said its digital business drew in more than $1 billion in quarterly sales for the first time – representing a 36 percent rise when compared to the same time period last year.

The corporation also recently submitted an application to trademark “footware,” a combination of the words “footwear” and “software.”

At this point, not much is known about Nike’s plans, but trademark lawyer Josh Gerben told Biz Journal, the application proved the company was seriously considering cryptokicks.

“There has to be somewhat of a business idea behind it,” he noted. “If you submit things just for the purpose of submitting things, it will tie up the trademark system unnecessarily. Nike does not have a history of filings that are speculative.”

The lawyer explained competitors would now have 30 days to counter the application, which would also be reviewed by The US Patent and Trademark Office.

If Nike gets the green light, it will obtain rights over the cryptokicks name for four years but will have to launch a commercial product under that name in order to fully get the trademark.

I’m not sure about you, but this feels super gimmicky to me and let’s be honest: who wants to live in a world where almost every multinational corporation has its own digital currency? I definitely don’t.

On the other hand, who can blame these multinational corporations for wanting to stay at the forefront of innovation?