Category Archives: Cryptokicks

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Nike Receives Blockchain Sneakers Patent

Nike secures CryptoKicks patent

  • Nike enters the blockchain arena by patenting its new ‘cryptokicks’
  • By tokenizing its shoes, the shoes will become non-fungible in nature, among other features

Nike has secured a patent to tokenize its shoes, making it the first multinational footwear giant to enter the blockchain space.  As previously reported on BitcoinNews.com, the footwear giant had announced its application for the patent earlier this year on its ‘cryptokicks’.

By using Digital Ledger Technology (DLT), the transaction of the shoe is authenticated. When the shoe is purchased, the 10-digit identification code of the shoe will be linked to the identification code of the purchaser. This will in turn help in preventing a misplacement or help with replacement of the shoes.

In addition, Nike aims at increasing its online customer base while simultaneously enhancing the security of their transactions. Moreover, the frequency and quantity of generation of tokens linked to a particular kind of shoe will help Nike in recognizing the performance of their shoes.

This ‘digital shoe’ serves as a digital asset and can be stored in digital wallets (e-wallets). This will enable various buyers or prospective buyers to engage in trade of their shoes, thanks to the communication network that the crypto shoes will provide.

 

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Nike’s Proposes Cryptokicks Trademark to Facilitate Crypto Transactions

Nike’s Proposed Trademark Cryptokicks to Facilitate Cryptocurrency Transactions

US-based multinational footwear manufacturing company Nike has joined a growing list of large brands staking a piece of their business in the future of blockchain through intellectual property and trademark registrations.

This month, the footwear giant filed a trademark application for ‘Cryptokicks’ with the US Patent and Trademark Office (USPTO), which apparently indicated that Nike would be venturing into cryptocurrency and blockchain businesses in the future – clearly, as the application was filed under a 1B basis, an intent to use in the future and not currently in use.

A trademark legal expert and founder of Gerben Law Firm Josh Gerben revealed in a Tweet how Nike’s intention will cover financial services expressed as “facilitation of crypto-currency transactions, namely, virtual currency exchange transaction services for transferrable electronic cash equivalent units having a specified cash value.”

Nike has filed a trademark application for CRYPTOKICKS.

The filing indicates that Nike is intending to launch a cryptocurrency called CRYPTOKICKS.

Below is my analysis of the filing and its implications 👇#nike#cryptocurrency pic.twitter.com/82gAPlzrXy

— Josh Gerben (@JoshGerben) April 24, 2019

It appears the trademark will serve the purpose of representing a utility token for an online community, where Nike would probably be tokenizing its products and marketing to members of the community. In other words, Cryptokicks will be a cryptocurrency developed by the company, with associated mobile apps or software platform.

Considering that Nike had recently increased its revenue by maximizing its online presence; “Nike has been speeding up the pace of new product launches and expanding partnerships with online retailers, which helped drive a more than 30 percent rise in digital sales in its home market,” according to Reuters, it stands to reason that the footwear giant would leverage emerging technologies to amplify this effect – even if it means adopting the incentive model of cryptocurrency economics. Perhaps its proposed platform could help cryptocurrency have another crack at mass adoption.

Recently, Bitcoin News reported on Samsung’s blockchain network in the works which will supposedly have a cryptocurrency, Samsung coin. This follows its patent filing in the UK for a cryptocurrency trading wallet in December.

Nike, Samsung, Amazon, Microsoft, Mastercard, Alibaba and a number of other major brands’ involvement in blockchain and cryptocurrency continue to speak positively about the nascent technology despite the discordant regulatory stance across the globe.

 

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