Nike Inc has revealed that it seeks to create a crypto coin. The firm has filed a trademark application with the United States Patent and Trademark Office (USPTO) to protect the brand Cryptokicks.
The company made the application on April 19. The application falls under section 1B, implying Nike genuinely seeks to use the trademark in trading.
The document details that Nike plans to create a crypto coin or token that would let members of an online community make transactions through a global computer network. It also describes an electronic marketplace for footwear and clothes.
A trademark attorney, Josh Gerben said,
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.
Gerben added that there is a 30-day window for the office to reject or approve the application. Should USPTO approve the application, Nike will reserve the Cryptokicks brand for an initial 10 years. However, the firm would have to launch a commercial product with that name between the first five or six years. The trademark office would then continue protecting the brand indefinitely with 10-year increments provided Nike continues using it.
Nike Has Not Unveiled the Specific Use of Cryptokicks
Nike is well-known for its shoes. However, the firm has not unveiled how it would use its crypto or what its purpose would be. The notion that the company seeks to make the coin available for members of an online community could mean that Nike will use Cryptokicks as an incentive in a closed community.
The application suggests that the global sportswear giant would use the Cryptokicks brand to create software, hardware, paper, and mobile crypto wallets. It would also develop an online marketplace for crypto traders, a crypto exchange, tradeable crypto collectibles and art, financial services, an online computer game, and software for managing network devices on the Internet of Things (IoT).
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Nike is not the first sportswear company to incorporate the blockchain into its operations. Adidas recently announced that it had joined hands with Game of Thrones, an HBO show, and Vechain to provide a limited number of Game of Thrones-themed sneakers. The sneakers would also have an integrated NFC chip that would allow their authenticity to be confirmed on Vechain’s blockchain platform.
What do you think Nike will use Cryptokicks for? Let us know in the comments below.