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More and more high-profile companies are looking for ways to incorporate the cryptocurrency industry into regular business practices. In a recent report for the crypto news source ArmyOfBitcoin.com, Nike may look to enter the market with its own cryptocurrency.
Bitcoin is still the biggest player when it comes to digital currency, but it does not have a monopoly in the field. It has already been rumored that Facebook might issue its own crypto. Nike is toying with the same idea. Its digital currency would be call Cryptokicks.
It was discovered that on April 19, Nike filed a trademark application for ‘cryptokicks’. The filing stated that cryptokicks could be used in an online application by a community of end users. Also included in the trademark application was the mention of an electronic marketplace for clothing and footwear.
This should not come as a surprise to anyone closely following the athletic clothing manufacturer. Nike has been trying to expand its digital footprint in the marketplace with other business endeavors.
The details surrounding this plan are sketchy at best. However, filing a trademark application presents the strong possibility that Nike will be moving forward with cryptokicks at some point in time. Trademark lawyer Josh Gerben was quoted as follows:
“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.”
Based on this one expert’s views and Nike’s recent actions, it certainly appears that it will be entering the crypto market with cryptokicks. The company would need the green light from the trademark system. While securing the name is one thing. There is still the process of launching a crypto commercial product to get the full trademark for cryptokicks.
It remains to be seen how the crypto market reacts to this developing story. It will also be interesting to get the mainstream business world weighing in on the plan. There could be a push against large corporations launching their own cryptocurrencies in a marketplace that has been rather volatile to say the least. The goal for many companies such as Nike and Facebook is to remain relevant to their primary consumer base.
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