Credit: Edward Berthelot/Getty Images

Nowadays the retail is industry is extremely competitive and although Nike leads the way when it comes to its wide repertoire of sporting goods, even the Portland-based company needs to keep up with new technology. In surfacing reports, the sneaker giant is doing just that and plans to move into the rising business of cryptocurrency.

According to an article published by BitcoinistNike has filed for a trademark for the word ‘cryptokicks’ and suggests a new area of its ever-expanding business model.

Documents filed with the US Patent and Trademark Office show that “cryptokicks” would be used as “financial services, namely, providing a digital currency or digital token for use by members of an online community.” The information also reveals that it will be “downloadable mobile applications for providing access to crypto collectibles, crypto art, and application tokens.”

Trademark attorney Josh Gerben shared the information on Twitter, and also told the Portland Business Journal:

“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. There’s a requirement that you commercially use a trademark to get the rights to it.”

While there is a 30-day appeal period for the trademark, if approved Gerben has said that Nike will have to utilise the term ‘cryptokicks’ commercially within four years to retain the trademark rights.

As expected, there is lots of speculation around what service the product would provide. It has been described as something that will be used “by members of an online community” and may suggest a closed incentive program or more likely as a digital currency in order for its customers to purchase items easily on their online store or via the SNKRS app.

What do you think? More to come.