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Nike, one of the biggest shoe brands in the world, may be launching its own cryptocurrency.
From shoes to digital assets
According to Bizjournals, the company put in a patent application for something called “Cryptokicks”. This was done on April 19th, and it seems that they’re looking to start a crypto service. Could this be more of a private service, or something related to Bitcoin trading?
Well, the filing is under section 1B. Anything under this category means the patent is for the commerce world. The patent describes “financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network.”
Josh Gerben, a trademark attorney, spoke on the matter:
“There has to be somewhat of a business idea behind it. 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.”
Time to deliver
Well, there you have it. We’re likely to see something come out of this, and hopefully sooner rather than later. Of course, Nike has 30 days to pull back on the application. But, if it goes through, they hold it for four years.
Interestingly, during those four years, Nike has to launch something under the branding if they want to keep it. “There’s a requirement that you commercially use a trademark to get the rights to it,” Gerben describes.
This isn’t the shoe company’s first expansion either. According to the publication, Nike has recently gone into “e-commerce and mobile sales” much more recently. It seems that the brand wants to keep up with the times and get a head start on emerging technologies. If blockchain and other digital assets pay off, a future Nike will be thanking its past self for doing so.