Nike Inc. a world leader in footwear and sport kits manufacturing, has filed a crypto patent and service mark application in the United States.
The patent document seeks trademark protection over the brand ‘Cryptokicks’ as well as reveals the company’s intention to launch its own cryptocurrency and other blockchain-related services. According to the filing based on section 1B, the company specifies its intent to use the work mark “Cryptokicks” in commerce.
Snippets from the official document submitted to the US Patent and Trademark Office (USPTO), shows that Nike will work on a number of services including “financial services, namely providing a digital currency or digital token for use by members of its online community via a global computer network.”
“Downloadable computer software, namely, an electronic financial platform that accommodates multiple types of payment and debt transactions in an integrated mobile phone.”
“Online marketplace services namely providing a marketplace for buyers and sellers of digital currency assets; operating online marketplace featuring footwear and clothing, online retail store services.”
Nike also expresses intent to create cryptocurrency software and hardware wallets, mobile apps for crypto collectibles and crypto art, utility tokens, and software for managing networked IoT devices among others.
Giving more credibility to Nike’s filing and emphasizing the company’s aim, U.S. trademark attorney Josh Gerben remarked:
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 down the trademark system unnecessarily. Nike does not have a history of filings that are speculative.
The attorney goes on to explain that there is a 30-day period to appeal the application for distressed parties after which if approved, Nike would have reserved the ‘Cryptokicks’ name for four years during which they need to launch a commercial product with the reserved name.
Shoes on the Blockchain?
Virtually every sector is getting “blockchained”. At this point, speculations as to what use Nike’s cryptocurrency will serve are making waves.
Some predictions pitch it as an incentive token (rewards) for members of its online community or probably a patent to have trademark shoes on the blockchain. Either way, the registration is now live and if approved, gives Nike a legal presumption of ownership and exclusive rights to use the trademark “Cryptokicks” for a number of goods and services nationwide.
Other companies who have filed crypto-related intellectual property include Mastercard (patent for anonymous electronic transactions via blockchain), Amazon (patents on cryptography and distributed storage). All these pointing at growing recognition of the crypto and blockchain potential.
What do you think of Nike will do with the ‘Cryptokicks’ trademark? Share your thoughts in the comments.