Just Do It: Nike Forays Into Blockchain with “CryptoKicks”

Just when you thought you might have seen it all, Nike went and filed a patent that indicated that the company is intending on launching a cryptocurrency called “CryptoKicks.”

While details around the cryptocurrency are vague, the application expresses that the if launched, the crypto would be created along with “online non-downloadable computer software” that “enables users to mine, earn, purchase, receive by any other means, store, and transfer Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based tokens, coins, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, and other crypto assets.”

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

The application also expresses that Nike may be planning to offer “online marketplace services, namely, providing a marketplace for buyers and sellers of digital currency assets.”

The application also notes that the company could be using blockchain technology to create a system for “crypto-collectible customization.” This may refer to something similar to Ethereum’s non-fungible ERC-721 tokens, which can be used as to collateralize unique collectible items or be used as collectibles themselves.

Nike’s Cryptocurrency Could Collateralize Collectibles

The application makes mentions of several possible applications for crypto-based collectibles: “Provision of online blogs in the field of crypto-collectibles; entertainment services, namely, providing an online computer game… curated scavenger hunts, obstacle courses or treasure hunts; entertainment services, namely, providing interactive online mobile gaming applications; providing information on-line relating to crypto-collectible customization for hobby or entertainment purposes.”

It’s unclear if or when anything mentioned in the patent will come to fruition-- the company has made no statements on the matter. However, the fact that the patent was filed at all is quite a piece of positive press for the cryptocurrency.

Nike is one of a number of “mainstream” companies that have launched cryptocurrency-related initiatives this year. Facebook is in the process of launching a cryptocurrency to be used in conjunction with WhatsApp, its encrypted messenger subsidiary; JP Morgan is also launching its own coin, although it will only be used internally.

However, not all of the mixing between crypto and the “mainstream” world has been positive. The launch and subsequent fail of KodakCoin was proof for many that the crypto industry is nothing but bells and whistles. Hopefully, Nike’s dealings in crypto will be different.