Monday, January 20, 2020

Nike Submits A Trademark Application For Its New Venture Cryptokicks

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

A trademark application has been filed by Nike for its new venture “Cryptokicks,” as revealed by a document that was submitted with the U.S Patent and Trademark Office on 19th April 2019.

The application submitted by the footwear giant talks about offering digital asset wallets and “downloadable mobile applications for providing access to crypto collectibles, crypto art, and application tokens,” together with operating an online marketplace that will feature clothing and footwear.

Nike Continues To Break New Grounds In Its Digital Business

Nike reported a quarterly sales revenue of over $1 billion last month, a feat that is happening for the very first time, representing revenue growth of 36 percent more than what was obtained by the company in the same period last year.

The company’s filed document also describes plans for “providing a digital currency or digital token for use by members of an online community,” and facilitating the completion of transactions through the use of “unconventional currency systems.”

The document also details Nike’s plan to retain the Cryptokicks name for the provision of “online blogs in the field of crypto collectibles” and offering online computer games the likes of obstacle courses, scavenger hunts, and treasure hunts.

Nike Means Business

Analyzing Nike’s filing, a U.S trademark attorney by name Josh Gerben said:

“This appears to be a filing for a brand of a cryptocurrency … this is trademark speak for ‘this is a cryptocurrency called Cryptokicks.”

“There has to be somewhat of a business idea behind it,” he noted. “If you submit things just for the purpose of submitting things, it will tie up the trademark system unnecessarily. Nike does not have a history of filings that are speculative.”

Gerben went on to explain the nature of the application, a filing made on a “1B” basis, which means that Nike has submitted a sworn statement showing that it has no plans to discard the trademark in the coming years but to fully utilize it.

30 Days To Object Or Forever Remain Silent

Due to the filing, Nike’s business rivals or the general public have just 30 days to make their objection known.

If that fails to happen and Nike gets the go-ahead it seeks, rights to the Cryptokicks name will be given to the company for four years, but for the company to fully obtain the trademark, it will need to launch a commercial product under the name.

Nike has continued to aggressively push its mobile app and social media strategy to achieve success, and that is paying off as the digital commerce business now has $2 billion to its name.

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