Blocked up Kicks: Nike (NKE) Files Trademark Application for ‘CryptoKicks’
Nike (NKE) may very well be gunning for next year’s Forbes’ list of billion-dollar companies using blockchain after the company recently filed a trademark application for “CryptoKicks.”
As first highlighted by the Portland Business Journal, the trademark application, which was filed on April 19, describes a digital currency and a members-only website and online marketplace for footwear and clothing among other things.
By filing the application, it’s likely that Nike is at least fairly serious about pursuing the idea, according to experts on the matter.
“There has to be somewhat of a business idea behind it,” said trademark attorney Josh Gerben of Washington, D.C.’s Gerben Law Firm. “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.”
Adding to that, the specificity and breadth of the ideas put forth in the application suggest Nike isn’t simply holding the name — otherwise, the application is a gift to rivals. The length is also far longer than Nike’s recent application for the term “Footware” as it relates to an IoT data transmission network with smart shoes.
A decent amount of the application lays out what sounds like one or more platforms and apps for buying and selling digital currencies, as well as footwear and clothing (not particularly surprising). Interestingly, their’s also references to a forum for sneakerheads, wallets, a crypto-collectibles blog, mobile and computer games and curated scavenger hunts, obstacle courses and treasure hunts (can you say live airdrops?).
Taken together, it reads like Nike is planning to launch a social wallet exchange platform with tokens, collectibles, apparel and “crypto-art,” which sounds somewhat like Enjin (ENJ) mixed with Coinbase, but that’s purely speculative and fairly ambitious.
Historically, Nike has been quick to adapt to new trends and leverage exciting forms of marketing. As we recently reported, Nike revealed its first smart shoe, Nike Adapt BB, using FreshStock, Twitch’s live show celebrating sneaker culture.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.