At first glance, it seems a shoe company getting involved in cryptocurrencies would be nothing more than a marketing gimmick. However, for a global company such as nike that is involved in a myriad of levels within the clothing manufacturing, sales and distribution systems, blockchain technology and cryptocurrencies could play a major role in increasing business efficiency, and providing the company novel ways to interact with their customers and for their customers to interact with one another.
A document was filed on April 19th with the U.S. Patent and Trademark Office on April 19 titled “Cryptokicks” by Nike, Inc. of Oregon, United States. The filing applies to six different international filing classes that pertain to the direct correlations a cryptocurrency could have for the Nike business model:
International Class 009: cryptocurrency hardware or software wallets, downloadable mobile applications for providing access to crypto-collectibles, downloadable computer software for encryption and decoding, downloadable software for connecting, operating, and managing networked devices in the internet of things (IoT)
International Class 035: online marketplace services, and specifically one featuring footwear and clothing
International Class 036: financial services, and specifically providing a digital currency or digital token for use by members of digital community
International Class 038: digital communication spaces and electronic messaging services
International Class 041: online interactive computer games and crypto-collectables
International Class 042: cryptocurrency software relating to the mining process, storage of cryptocurrencies or crypto-collectables, and transactions which accommodate for multiple types of payment.
There are several beneficial concepts for Nike products that cryptocurrencies and blockchain technology facilitate that are immediately highlighted by these distinctions. By creating a Nike IoT, their products can move through the supply chain stream more efficiently, and further, the data can be used after purchase to authentic the products and help prevent counterfeit.
An online marketplace could integrate nearly all aspects of the patent. The platform could function as an onramp for receiving rewards from Nike or for purchasing the native Nike cryptocurrency. The platform could function as a social media outlet as well. Many customers of Nike’s high end products are deeply involved in the community of people who love their products. There is a huge collectors market for Nike products, and such a digital marketplace would bring together much of what is already happening online to one place.
By: BGN Editorial Staff