Major apparel and footwear brand, Nike, is reportedly looking to launch its own cryptocurrency, after it was discovered that a trademark for “cryptokicks” was registered with the United States Patent and Trademark Office.
The digital currency is expected to be used in an electronic marketplace that is for Nike’s products, including apparel and footwear, as well as involving collectibles. The filing states that it is being launched with the intention of “providing a digital currency or digital token for use by members of an online community,” and using “unconventional currency systems.”
Nike has filed a trademark application for CRYPTOKICKS.
The filing indicates that Nike is intending to launch a cryptocurrency called CRYPTOKICKS.
— Josh Gerben (@JoshGerben) April 24, 2019
Josh Gerben, a trademark lawyer based in Washington DC, tweeted about the implications of the filing,
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.
Competitors will have a month to oppose the application, and if it goes unchallenged, Nike will have the rights to the term “cryptokicks” for four years. Nike will also have to launch a commercial product within 30 days to get the trademark.
Nike’s e-commerce revenue has been booming, and its digital commerce now nets revenue somewhere in the range of $2 billion.