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Nike Inc. has filed for a trademark for the word cryptokicks.
The trademark application describes a digital currency that would be used by members of an online community. It also describes an electronic marketplace for footwear and clothing and a members-only website with features such as message boards.
Nike did not immediately respond to a request for comment.
The trademark application comes as Nike continues to invest in its booming digital business. The company is betting heavily on e-commerce and mobile sales as part of a core business strategy that emphasizes getting products to market faster and increasing connections with consumers.
In March, the company reported its digital business surpassed $1 billion in quarterly sales for the first time, a 36 percent increase from the same quarter a year ago.
The company also recently applied for a trademark for "footware," a mashup of the words "footwear" and "software."
Trademark attorney Josh Gerben of Washington, D.C.'s Gerben Law Firm first noted the trademark application. He said it shows Nike is serious about establishing cryptokicks as a line of business.
"There has to be somewhat of a business idea behind it," he said. "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 said competitors have 30 days to oppose the trademark application. The U.S. Patent and Trademark Office also will review the application. If approved, Nike will have reserved the name cryptokicks for four years.
In that time, Nike will need to launch a commercial product with the name cryptokicks in order to get the trademark.
"There's a requirement that you commercially use a trademark to get the rights to it," Gerben said.
The trademark application describes a digital currency that would be used by members of an online community. It also describes an electronic marketplace for footwear and clothing and a members-only website with features such as message boards.
Nike did not immediately respond to a request for comment.
The trademark application comes as Nike continues to invest in its booming digital business. The company is betting heavily on e-commerce and mobile sales as part of a core business strategy that emphasizes getting products to market faster and increasing connections with consumers.
In March, the company reported its digital business surpassed $1 billion in quarterly sales for the first time, a 36 percent increase from the same quarter a year ago.
The company also recently applied for a trademark for "footware," a mashup of the words "footwear" and "software."
Trademark attorney Josh Gerben of Washington, D.C.'s Gerben Law Firm first noted the trademark application. He said it shows Nike is serious about establishing cryptokicks as a line of business.
"There has to be somewhat of a business idea behind it," he said. "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 said competitors have 30 days to oppose the trademark application. The U.S. Patent and Trademark Office also will review the application. If approved, Nike will have reserved the name cryptokicks for four years.
In that time, Nike will need to launch a commercial product with the name cryptokicks in order to get the trademark.
"There's a requirement that you commercially use a trademark to get the rights to it," Gerben said.
