In a surprise move, Nike Inc. has just filed a trademark for the word “cryptokicks.” The trademark application describes the project as a digital currency for an online community.
Although the details for cryptokicks have yet to be formally clarified by the company, the move is in line with Nike’s expanding digital business sector. It has been emphasizing mobile sales and e-commerce as a larger part of its business strategy for the past few years now.
Nike recently surpassed $1B in quarterly sales for the first time — a 36-percent increase from one year ago.
Nike Shifting Gears Into E-Commerce
Nike’s trademark filing for cryptokicks may just be the tip of the iceberg. Recently, the company also applied for the trademark “footware,” which is apparently meant to be a mashup of both “software” and “footwear.”
Both cryptokicks and footware indicate that Nike is expanding its e-commerce divisions. The company wants to create a growing group of consumers that communicates and trades apparel on its own platform.
Nike Leads The Race
Some may discount the trademark filings by Nike as conjecture, but the company has no history of speculative filings. Therefore, there must be a concrete business idea behind it which the public will find out in due time.
Competitors will have 30 days to oppose Nike’s trademark application. In that time, the U.S. Patent and Trademark Office will also review the application. If all goes well, Nike will reserve “cryptokicks” for four years.
However, during the waiting period, Nike will be required to launch cryptokicks formally as a commercial product. That means that the mystery will be clarified in the very near future.
Any idea on what cryptokicks could be used for? Will other companies follow Nike’s lead? Let us know your thoughts below.
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