Sportswear manufacturer Nike seems to be entering the field of cryptocurrency. Last week, Nike submitted an application to the US Patent and Trademark Office (USPTO) for the term "Cryptokicks." The details show that the company plans to create a new e-commerce platform that is driven by cryptocurrency. This move is at the pinnacle of Nike's consumer business strategy to defend its position as the number one footwear brand.
What does Nike do through the "Cryptokicks" trademark?
The footwear giant's application describes the provision of a cryptocurrency wallet and "a downloadable mobile app for accessing cryptocurrency collections, artwork and application tokens" and the operation of an online market featuring footwear and apparel. .
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The document also lists plans to “provide digital currency or digital tokens for online community members” and allows transactions to be completed using the “unconventional currency system”.
In addition, Nike listed the purpose of applying for the Cryptokicks trademark – to provide "online blogs in the field of cryptocurrency collections" and to provide online computer games such as treasure hunt games and obstacle course.
US trademark attorney Josh Gerben said:
This seems to be a trademark name for a cryptocurrency, meaning 'this is a cryptocurrency called Cryptokicks'.
Gerben explained that the application was based on "1B", which means that the statement submitted by Nike indicates that they intend to use the trademark in the near future.
The public or Nike’s commercial competitors will have 30 days to raise objections.
Nike's Digital Business Strategy
Nike started from scratch and has grown to become the world's largest sports shoe company. Today, Nike has retail stores and distribution channels in more than 170 countries. And few companies can match the company's brand recognition, which is proof of its market influence.
At the same time as this application was submitted, Nike is also committed to continuing to develop its digital business model. The core of their strategy is to connect directly with customers.
Driven by the original cryptocurrency, the idea of building an e-commerce market will not only consolidate the connection with the brand, but will further tap the potential of digital sales, especially mobile shopping.
Nike Chief Financial Officer Andy Campion said:
Driven by mobile orders, sales of digital channels soared 41%. In fact, this growth rate far exceeds the average of the retail industry. Nike’s mobile phone sales demand has exceeded more than half of its e-commerce sales.