Nike Has Filed A Trademark Patent For “CRYPTOKICKS” Signaling A Possible Cryptocurrency Launch
American multinational corporation, Nike looks to be entering the crypto market. On April 19th Nike filed a trademark with the U.S. Patent and Trademark Office (USPTO). The Swoosh’s latest filing is for the word “CRYPTOKICKS” which suggests Nike will possibly be attempting to create its own cryptocurrency.
While details around the cryptocurrency remain vague, the application submitted by Nike states “CRYPTOKICKS” will be for “[f]inancial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network; facilitation of financial transactions using unconventional currency systems and bartering, namely.”
The patent document also describes the creation of “[d]ownloadable mobile applications for providing access to crypto-collectibles, crypto-art and application tokens…downloadable software and mobile applications using artificial intelligence.”
Therefore the thought is that “CRYPTOKICKS” could be used to purchase goods on both Nike’s apps and their online store.
Trademark attorney Josh Gerben spoke with Coingape on Nike’s TradeMark. “It seems like Nike is planning to build out a software platform (such as an app). My guess is it starts as some sort of rewards program where the “coins” can be used for the purchase of Nike products.”
According to trademark attorney Josh Gerben’s announcement on Twitter, the trademark was filed on a “1B” basis meaning Nike intends to use the CRYPTOKICKS trademark in the relatively near future. Additionally, if approved, Nike must launch a commercial product under the appellation within the next four years to keep the rights to it.
“There has to be somewhat of a business idea behind it. If you submit things just for the purpose of submitting things,” stated Josh Gerben responding to a media query. “ it will tie up the trademark system unnecessarily. Nike does not have a history of filings that are speculative.”
In the meantime, competitors like Adidas have 30 days to oppose the trademark.
Also of note, the CRYPTOKICKS name already exists on the web as a shopping website selling crypto-printed clothing. So why is Nike able to use the same trademarked name?
Gerben explained to Coingape using the following example: “Delta Airlines and Delta faucets — both can use ‘DELTA’ because one is a faucet maker, the other is an airline. So long as consumers are not likely to be confused, there is no trademark infringement.”
Additionally, the other CRYPTOKICKS brand is based in the U.K., and its domain uses the extension ‘co.uk.’ Therefore, it will not affect Nike’s U.S. patent application. According to Gerben, “[t]o start, if it is a UK website and has no US presence, there would be no US trademark rights associated with owning that domain, Said Gerben. The application filed by Nike was for the US (perhaps others to come elsewhere).”
The possibility of Nike’s launch of an actual digital currency excites blockchain purists. Nike appears to be building an online brand around the name CRYPTOKICKS. The success of Nike’s digital coin could signal the birth of the future of brand interaction, especially in sports and fashion apparel.
As we move forward, it will be interesting to see how the market reacts. While many individuals believe corporations should not have their own cryptocurrencies, others understand how vital it is for such companies to stay relevant and flourish. Ultimately, cryptocurrencies are at the forefront of the digital revolution.
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Our mission is to tokenize the sponsorship economy across sports, eSports, entertainment, business and lifestyle facilitating efficient, secure and cost-effective trade between brands and rights holders.
To ensure the proper functioning of the Instant Sponsor economy, we are issuing Instant Sponsor Token (SPON) cryptocurrency and the SponsorCoin (SC) internal token. SPON will be available for purchase during the TGE (Token Generation Event).
Token Structure
To ensure the proper functioning of the Instant Sponsor economy, we are issuing Instant Sponsor Token (SPON) and the SponsorCoin (SC) internal currency.
SPON Instant Sponsor Tokens will be available for purchase during the Token Generation Event (TGE). SPON utility tokens are native cryptographic tokens which give users the right to access activities and services on the [instantsponsor] platform. SPON tokens have a critical role inside the Instant Sponsor ecosystem and are designed to be used for the following utilities:
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We anticipate that demand for SPON tokens will increase as transaction volume accelerates and more users join the platform.
SponsorCoin (SC) is a stable internal token that enables the sale of inventory and transfer of value (i.e., sponsorship assets) between brands and the rights holders. The sole purpose of this token is to facilitate transactions between users. These tokens will be priced by the rights holders with the value pegged to the U.S. dollar (i.e., 1 SponsorCoin = 1 USD) and backed by physical inventory and, as a result, not subject to market volatility and price fluctuations. The price of these tokens will be fixed, and supply will depend on the available inventory. Users will also have an option to transact in fiat; however, these transactions will not be eligible for the aforementioned benefits.
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