Nike’s CryptoKicks could change the way we buy fashion

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There’s a lot of excitement around the revelation that sportswear giant Nike has filed the trademark ‘CryptoKicks’ for a forthcoming cryptocurrency, and not just the name of a new style of sneaker.

The trademark application indicates that the trademark as follows: “Financial services, namely, providing a digital currency or digital token for use by members of an online community via a global computer network; facilitation of financial transactions using unconventional currency systems and bartering.”

Cointelegraph commented that the application describes offering crypto wallets and “downloadable mobile applications for providing access to crypto collectibles, crypto art and application tokens” — as well as operating an online marketplace featuring footwear and clothing.

Elsewhere in the document, Nike sets out how it wants to reserve the Cryptokicks name for providing “online blogs in the field of crypto collectibles” and offering online computer games such as scavenger hunts, treasure hunts and obstacle courses.

AS CCN says, Nike’s ambition appears to be to build an online brand around this name, with all manner of games, collectibles, and ways to reward loyal fans.

Commentators are also wondering if this move by Nike is going to kill the rumoured Facebook cryptocurrency stone dead. The general feeling is that a Nike cryptocurrency will be a lot more popular than Facebook’s. As CCN points out, “The world has many crazed collectors of rare shoes — imagine if you have to purchase them in CKs? It would force demand into the token. It’s easy to see tremendous upside for Nike as the community is guaranteed to be there.”

By contrast, Facebook lost the support of digital currency users the moment the privacy issues become public. Plus its ban on ICO advertising now looks even more like this was aimed at suppressing the industry while Facebook developed its own token. This has also lost it supporters.

CCN thinks it is a “genius move” by Nike, because among other possibilities, it can “force guys like DJ Khaled to dump thousands of dollars into CryptoKicks to buy rare collectibles.”

If Nike’s digital token is a success, this could mean the beginning of a new style of brand interaction with its audience, particularly in fashion and sports apparel.

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