On 9th April 2019, giant shoe manufacturer Nike submitted its application to the United States Patent and Trademark Office seeking to protect its brand Cryptokicks. Josh Gerben shared news of Nike Inc. filing for the patent application via his twitter handle @ JoshGerben.
He also shared a direct link to the patent application. The patent application ends speculation over Nike launching Nike Coin and entering the crypto space. Moreover, per the patent application, Nike submitted its application under section 1B. Section 1B shows you intend to use the trademark for your services in the commerce sector.
In detail, Nike intends to use its trademark for Cryptokicks to launch a digital token or digital currency which will be utilized by the global crypto community. Through the latter, Nike application for patent points to Nike launching its crypto coin soon. Moreover, according to Josh Gerben, a trademark attorney, Nike isn’t a company that would file for a patent then sit on it, the fact that they went ahead and submitted their application for the trademark patent, means they already have a business idea around the trademark. Once the application is approved, Nike will have to launch a commercial product under the Cryptokicks trademark within four years.
Apart from Nike coining with the idea of launching their virtual currency, reading the patent application shows Nike will also launch other associated products. Per the application’s data, Nike will also launch an online marketplace that is an online retail store to sell clothing and footwear. Similarly, Nike will create a digital marketplace for selling and buying digital assets together with trading cryptocurrency. Furthermore, to enable traders to have an easy way when making their transactions, Nike will create downloadable software for handling all the crypto related transaction based on blockchain. Moreover, the latter will come with features which will enable users to access token applications; crypto-art and crypto-collectables, for the latter Nike will create mobile apps which will leverage artificial intelligence to provide users with the best services. Although the crypto space has been on a downward trajectory for quite some time, the sector is picking up with more coins and tokens being launched.