Nike forays into Crypto market

5 years ago - Published in Fintech Land

Just when you thought you may 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-based tokens, coins, cryptocurrencies, and other crypto assets.”

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 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–no statements on the matter have been made by the company. 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.