Nike is well positioned to join the rapidly growing crypto mega-family, which already has Facebook and Samsung, and there is very little to stop them at this point.
Not all Flash and Wears
Nike is known for its gloss and class, and its admirable command of the apparel market, releasing classy footwear year in year out that even “pop-ular” figures such as DJ Khaled and Kate Hudson can’t get enough of. But while that is all impressive, what is far exciting are the potential millions of Nike lovers getting into the groove of the cryptocurrency space.
After all, who says cryptocurrencies cannot be fun? On a side note, the soon-to-be-released movie, ‘Crypto,' starring Kurt Russell is just another proof of this.
Nike filed a particularly noticeable patent application earlier this year, which of course failed to escape the attention of the media. The company filed with the United States Patent and Trademark Office (USPTO) in April for the unique trademark, ‘‘Cryptokicks.'’ Josh Gerben, who is the founder of a trademark law firm, announced the development on Twitter and explained why the application is more than a hopeful or speculative attempt.
Right from the beginning of the year, Nike has been making calculated actions regarding its digital presence and its marketing influence on the same; a patent for a trademark of such nature is no coincidence.
Excerpts from the patent application also clearly prove that Nike has clearly laid out plans to launch its own cryptocurrency, if not exactly, then in a similar fashion to Facebook's much-publicized Libra coin. An excerpt from the application read:
“Financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network.”
Nike is undoubtedly set to join the crypto family. The question is not if they are, but rather how soon.
Footware: Nike’s Digital Ambition
The world and its developments move fast, a rapid unending cycle. And the ones that thrive most are the same who spot the opportunities early on.
Earlier in the year, Nike revealed it had raked in more than $1 billion in sales in the previous quarter via digital channels alone — after a conscious effort to maximize sales through mobile applications and e-commerce. The sharp return is almost a 40 percent increase to the previous year’s.
The digital market is fast expanding; it is no surprise that Cryptokicks is not the sole weapon in Nike’s digital armory. The multinational company also filed a similar trademark in ‘Footware’ (a combination of footwear and software) much earlier in the year.
Developments such as these only prove Nike is making deliberate, thought-out plans regarding the digital currency and technological space than people realize. It is only a matter of time before digital currencies become quite natural in mainstream, sports, and pop culture.
Also Read: The Best Cryptocurrencies to Invest in 2019
The Growing Crypto Family
Cryptocurrency is steadily making into its way into mainstream and pop culture, and tech giants are consequently joining the space too. As the pioneer cryptocurrency, Bitcoin might have started between a few unknown peers, but the cryptocurrency space is likely set to be the next defining innovation after the internet.
JP Morgan announced its own native crypto coin, called ‘JPM coin,' in February to become the first World Bank-banked digital currency. And the doors have since opened widely.
Giant tech companies such as Samsung, Facebook, and Russian Vkontakte have all followed suit since then. Samsung’s potential blockchain network and Facebook’s Libra Coin have firmly established them in the burgeoning crypto family. And it is safe to say Nike has just emphatically joined them as well.