Just Do It: Nike Sprints Into Cryptosphere, Reveals Blueprint for Crypto Marketplace
Nike just may introduce cryptocurrency to millions of athletes and sports fans around the globe.
The world’s largest supplier of athletic shoes and apparel has filed a trademark application for “Cryptokicks” with the United States Patent and Trademark Office.
The application suggests that Nike is entering the cryptocurrency space and will be exploring several blockchain-related products and services including,
“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.”
“Electronic bulletin board services; Providing on-line forums for transmission of messages among computer users; Providing on-line chat rooms and electronic bulletin boards for transmission of messages among users in the field of cryptocurrency and digital currency assets; electronic messaging services.”
In a video review of the application, trademark lawyer and founder of Gerben Law Firm, Josh Gerben, provides several reasons why he believes the application indicates the company’s intent to launch a cryptocurrency.
Nike has filed a trademark application for CRYPTOKICKS.
The filing indicates that Nike is intending to launch a cryptocurrency called CRYPTOKICKS.
Below is my analysis of the filing and its implications 👇#nike#cryptocurrency pic.twitter.com/82gAPlzrXy
— Josh Gerben (@JoshGerben) April 24, 2019
Says Gerben,
“This appears to be a filing for a brand for a cryptocurrency. Among all the other things listed here in the application, this is the headline, ‘It’s for providing a digital currency or digital token for use by members of the online community.’ This is trademark speak for ‘This is a cryptocurrency called Cryptokicks.”
“The application was filed based on what’s called a 1B basis. This means the application was filed on an intent to use the trademark. When you file a trademark application, you have to indicate whether you’re actually using it now or you just intend to use it in the future. So Nike indicated here that they intend to use the trademark. And when they submitted the application, they did submit a sworn statement saying they had a bona fide intent to use this trademark in the near future. So be on the look-out for your Cryptokicks cryptocurrency from Nike very soon.”
Submitted on April 19th, Nike’s application has not yet been reviewed.
VeChain, the Shanghai-based blockchain platform company which has developed multiple partnerships for enterprises seeking to improve and streamline their supply chains, recently collaborated with Nike’s competitor, Adidas, to create shoes inspired by the HBO series Game of Thrones.
Crypto is also making its way into the apparel industry via ‘Gucci Gang’ performer Lil Pump. The Billboard-charting rapper says he’s accepting Bitcoin at his online store where fans can buy t-shirts, sweatshirts and accessories using a standard crypto wallet or via the Lightning Network.
While Nike strategizes its entrance into the crypto space, online portal Cryptokicks, which uses the same name but is unrelated to Nike, appears to sell crypto-inspired clothing for payment in Bitcoin, Litecoin and Ethereum.
Nike reported $36.4 billion in revenue in 2018. It joins several other Fortune 500 that are exploring the development of crypto products and services, including Samsung, Starbucks and Facebook.
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