A document initially filed on April 19 with the U.S. Patent and Trademark Office shows that the footwear giant, Nike has filed a trademark application for the phrase “Cryptokicks”.
The application describes that Nike is aiming to integrate crypto wallets, crypto art, application tokens etc. with footwear and clothing. Plans have been documented of an ecosystem for the members of the online community. The ecosystem will have a digital currency or a token which will enable “unconventional currency systems”.
Josh Gerben, Trademark attorney of Gerben Law firm took to Twitter on April 24 and said:
application indicates Nike is intending to launch a cryptocurrency called ‘CryptoKicks’.
Gerben further in a statement to media’s query says that;
There has to be somewhat of a business idea behind it. If you submit things just for the purpose of submitting things, it will tie up the trademark system unnecessarily. Nike does not have a history of filings that are speculative.
Gerben explained that the application was made on a “1B” basis. So As per the law, if the Trademark is approved ‘Nike can have ownership of ‘Cryptokicks’ name for four years – within the time, Nike will have to launch a commercial product with term ‘Cryptokicks’ to get the trademark successfully.
The filing means that the public or Nike’s business rivals have 30 days to mount an objection.