Nike Suggests They May Be Ready For NFT

• Nike intends to release a digital collection from its sneakers, apparel, and accessories.
• The business has applied for trademarks that indicate it is working on virtual items.
• Nike is also on the lookout for virtual designers for its next digital initiative.

Nike has reportedly submitted trademark applications that hint at the company’s foray into virtual goods. Nike intends to offer digital footwear, clothing, and accessories that may be utilized in online virtual worlds, according to trademark filings.

According to Input Mag, Nike has submitted trademark applications for “Nike,” “Just Do It,” “Jordan,” “Air Jordan,” including its swoosh and the Jumpman emblem. There’s also one that incorporates both Nike and the swoosh. So far, seven trademark applications have been filed with the United States Patent and Trademark Office. These trademarks pertaining to Nike’s digital items, which will be sold via the company’s own online shop. Online, non-downloadable digital footwear, clothes, headgear, sports bags, eyewear, bags, backpacks, sports toys, equipment, art, & accessories will be available from the sportswear firm.

According to Josh Gerben, a copyright attorney at Gerben Intellectual Property, the trademark applications might potentially be a strategy for Nike to prohibit knockoffs of its items in the digital realm. Nike has yet to announce whether or not they will provide digital footwear or clothing.

However, the firm has ambitions to expand its digital products into the metaverse, and it has already begun recruiting virtual material designers who might work on redefining the company’s digital reality and “ushering [them] into the metaverse.” The retailer currently operates on special releases that are only available to a select few individuals, which is the foundation of Non-Fungible Tokens NFTs. People would have even greater exclusivity with NFTs since they would likely possess the only digital edition of limited-edition items.

Nike may be the first to hop on the NFT bandwagon, but worldwide brands like Balenciaga & Gucci have already made their mark. Nike isn’t the first to provide virtual shoes; a company named “RTFKT” currently offers virtual footwear for as much as $22,094.

A 2019 trademark for “cryptokicks” indicates that Nike has been intending to employ NFTs for some time and that they are gearing up to join the metaverse and domain of non-fungible tokens.

‘Downloadable Virtual Goods’ and Nike’s Well-Known Trademarks:

The Nike swoosh, the “Just Do It” motto, the Air Jordan SNKRS logo, “Jumpman,” and other well-known Nike trademarks were also incorporated. All of which may be used as “downloadable virtual goods,” such as computer programs that include footwear, apparel, hats, eyeglasses, bags, sports bags, sports equipment, backpacks, art, toys, and extras for use online and in virtual worlds.

According to a CNBC story, the company is also awaiting clearance on a patent named “Cryptokicks.” Despite all of the conjecture surrounding Nike’s intentions, the global footwear & sports apparel store has yet to make any official NFT announcements. Nike, the world’s biggest provider of sporting shoes, was placed 89th on the Fortune global 500 lists in 2018, and generated $37.40 billion in sales last year, despite the pandemic.