Nike Cryptokicks May Be Just the Start as Crypto Wallets, Crypto Collectibles, Art and Tokens Mentioned
Footwear giant Nike may be venturing into the cryptocurrency realm. According to Footwear News, the company filed the word “cryptokicks” with the U.S. Patent and Trademark Office on April 19.
The filing refers to the software and hardware of crypto wallets, “downloadable mobile applications for providing access to crypto collectibles, crypto art, and application tokens,” and an online marketplace for footwear and clothing. The filing also provides for “a digital currency or digital token for use by members of an online community” and that transactions be completed using “unconventional currency systems.”
This suggests that Nike may be considering the integration of cryptocurrency into its marketplace. As for the “Cryptokicks” name itself, the filing is looking to reserve the name to provide “online blogs in the field of crypto collectibles.”
Michael Diamond, the director of industry analysis for commercial technology at The NDP group, shared with Footwear News:
“It’s definitely still nascent in the mainstream area, but we are starting to see more firms accepting it, which implies the trend has legs. If the big guys are exploring and starting to offer it, more customers are asking for and demanding it, and retailers do not want to get left out in the cold, especially if they have a global presence.”
Andrew Hinkes, the co-founder of Athene Blockchain startup and an adjust processor of NYU Stern School of Business and NYU school of law, also remarked on the development in a Cointelegraph article, stating:
“This does not mean definitively that anything will be launched anytime soon. However, there needs to be some sort of internal work happening at Nike for Nike to file its application.”
He also added that at this point, it is impossible to evaluate progress by viewing the application and
“The filer of a federal trademark must have a bona fide intent to use the mark in connection with the goods and serves that are listed with the application. Bona fide intent can mean anything from ‘they are looking into it ’to ‘they are well down the path to implementation’ and anything in between.’”
Moreover, he continues that the process of securing a trademark can take a lot of time. Essentially, the USPTO examines the filed application, which can take a few months. If approved, and there are no existing marks likely to cause confusion and there are no technical issues with the application, then it will be published for opposition. The opposition phase is a several-month process. Upon publication, the public has 30 days to object.
So while it is certainly an interesting development that Nike has filed an application, it will be even better to see what happens with the application and throughout the review process.