By Michael Kuchar
Nike is well renowned for its fantastic sporting merchandise, and it has been one of the biggest players in the sporting universe, for many years. They launch several notable products each year, and it is of no surprise that they are looking to the blockchain market as their next target audience. Nike has been awarded a patent by the United States Patent and Trademark office to launch a blockchain compatible line of sneakers called “CryptoKicks”. These sneakers are much than just another line of squeaky new shoes, as they bring about a whole new experience.
In doing so, the United States clothing and footwear brand has joined the ranks of several mainstream corporations that have entered the field of blockchain and cryptocurrencies, or have already ventured into the same. Starbucks, Samsung, and Facebook are among some of the giants who have already traversed the path of blockchain-backed technology. That being said, when did Nike file the patent, and what is CryptoKicks all about? Read on to find out.
When was the Patent Filed?
The news about CryptoKicks, and its reported patent filing was broken by Josh Gerben, a trademark attorney who works in the United States, via Twitter, on the 24th of April, 2019. The filing mentions cryptocurrency wallets, downloadable mobile-based applications that provide access to cryptocurrency collectibles, cryptocurrency art, and application tokens. It also mentions an online marketplace that features clothing, and footwear as potential use cases for the brand.
The document also outlines plans to provide a digital currency that can be used by members of an online community, enabling the possibility of transactions. This implies that Nike might indeed integrate blockchain technology into its market space. It’s not that Nike needed to enter into the sphere of blockchain and cryptocurrencies just for the sake of it, as they posted quarterly sales exceeding $1 Billion for the first time in their history, back in April, 2019. This rise constitutes an enormous 36%, when compared to the same sales figures in April, 2018. This means many stock speculators who invested on the rise of Nike stocks made a good profit, similarly to forex traders who use forex signals that are provided by learn2.trade.
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Nike wants to enter into the cryptocurrency sphere. Nike’s connects with its consumers through its products, and what better a way to introduce yourself to a whole new brand of potential customers, than incorporate blockchain technology? Patent approval is a time-consuming process, and it was only recently that the true nature of CryptoKicks was brought to light, when news of the approval of the patent was brought to our attention.
What is CryptoKicks?
When you buy a CryptoKicks shoe, you will be getting an actual digital asset, which in its own right is directly attached to the shoe. CryptoKicks is attached to a system that makes use of blockchain to attach digital assets to shoes, and this in turn means that Nike will be able to track the legitimacy and the ownership of a CryptoKicks, using their blockchain system. This in turn will create digital scarcity, as the item will be attached to the manufacturers of the shoes.
So when you buy a genuine pair of these sneakers, a digital representation of the sneakers will be generated, which will be linked with you, and assigned to a cryptographic token. The digital representation of the shoe, and the cryptographic token in question, are collectively called a CryptoKick – Quite the pun.
What’s more, if you sell your sneakers to someone else, the ownership of the sneakers can be transferred using the system. The collection of these assets are stored in digital lockers, whose function is similar to that of a cryptocurrency wallet. Funnily enough, the owners of these sneakers can intermingle with one another, and breed a digital shoe, with another pair, to create a digital shoe offspring. The blockchain based cryptokicks mean another boost for the blockchain popularity and cryptocurrency prices. As a result, many more people choose to speculate on the volatility of cryptocurrencies with popular cryptocurrency brokers and cryptocurrency exchanges.
Liverpool is all set to sign the most expensive kit deal in Premier League history. Taking note of Liverpool’s recent exploits in the Champions League, Nike has wasted no time in acquiring Liverpool’s kit deal for the 2020-21 season. It is therefore of very little surprise that Nike have jumped on the cryptocurrency bandwagon. Unfortunately, Nike has not given details about a launch date as of now, but they have certainly spiked our interest.
Keep up with the latest news regarding the launch of CryptoKicks, and hopefully it will be launched in the near future. Expect Nike to venture deeper in the blockchain universe, in time to come. It is only a matter of time before other players venture into blockchain too. Nike played it smart by acquiring a patent for CryptoKicks, as it assures that no other player can use the same techniques for their merchandise – Smart marketing and business strategy at play indeed.
About the Author:
Michael is an experienced financial trader using Forex, Commodities and Cryptocurrencies. In addition to trading, he runs businesses, trains traders and develops trading technology products. His other passions are boxing and traveling.