Nike is gearing up for the launch of a new cryptocurrency called ‘Cryptokicks’, which will be available to all users of its products, the documents from U.S. Patent and Trademark Office suggest.
Application filed with the U.S. Patent Office reveals that the company’s future cryptocurrency will be called Cryptokicks. The application falls under sections 15 U.S.C. § 1051(b), § 1126(d), and/or § 1126(e), which indicates an intention to use the trademark for commercial purposes.
The document also states that financial services based on a cryptocurrency or digital tokens that can be used by all members of the Nike online community worldwide will be used under the Cryptokicks brand.
The U.S. Patent and Trademark Office is obliged to respond within a month. If the decision is positive, Nike will have to release a commercial product called Cryptokicks over the next four years, otherwise the patent will be revoked.
Thus, the company’s intentions to release its own cryptocurrency are indisputable, but how exactly Nike is planning to use it, remains the question to be answered. Trademark application implies that all members of the online community will be able to use the digital currency, but it does not say for what purposes. Moreover, the newly filed application form implies that the upcoming cryptocurrency will be minable.
Perhaps the company wants to go a little further and run its own ecosystem, where users will receive rewards in the form of cryptocurrency and spend it on various Nike branded products? Such an approach could increase the already inspiring customer loyalty, bringing the community even closer together.
It is unlikely that Nike will sell its products for tokens, but the financial aspect here must be present, if there is an actual plan behind this application. It’s very likely that the cryptocurrency will somehow come into contact with Fiat: it is possible that Nike will independently exchange tokens for U.S. dollars and other currencies.
Sooner or later we will know all the details from the company itself, but it may take a year or even several years until we will find out. One thing is clear though: exciting times ahead of us, indeed.