Nike has submitted a trademark application for “cryptokicks,” a company-specific digital currency, The Next Web reports. The April 19 filing follows the company’s application for the term “footware”—a play on footwear and software—on March 21. The moves could represent the groundwork for a new direction in Nike’s digital offering, drawing on blockchain technology.
The “cryptokicks” application describes a digital currency, as well as an internet marketplace for Nike’s products. The company does not seem to have put any plans into effect, but the trademark application lays the foundations for such a move in the future.
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The application also describes “a website featuring technology that enables users to mine, earn, purchase, receive by any other means, store, and transfer blockchain-based tokens, coins, cryptocurrencies, and other crypto assets.”
"Nike does not have a history of filings that are speculative."
The wording seems designed to capture any direction the company may choose to take with the brand. But securing the trademark indicates the plan is under consideration. “There has to be somewhat of a business idea behind it,” trademark lawyer Josh Gerben told Portland Business Journal. “Nike does not have a history of filings that are speculative.”
Nike has been focusing on digital sales recently. Its quarterly earnings report in March attributed its seven percent sales growth to expanding its digital customer base.