Bitcoin’s recent rally may have been influenced by Nike, a leading athletic clothing line, wanting to test the crypto waters if its latest activities are to be trusted. The shoe giant is going to be coming out with a program called CryptoKicks.
Nike’s CryptoKicks And Facebook’s FaceCoin
Nike is seeking to be allowed to develop a cryptocurrency that will go by CryptoKicks, which if the trademark request is honored, the firm may be hot on heels on FaceCoin, Facebook’s cryptocurrency. While CryptoKicks may sound more of another product from Nike, it has more to do with the firm’s entry into the crypto scene.
As per its trademark filing, CryptoKicks will provide 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.”
Apart from providing financial services, Nike has its eyes set on a lot of stuff that will revolve around CryptoKicks. Things like a reward system, games, and the provision of online blogs dealing with digital currencies, etc. The virtual currency may be used in relation to “crypto-collectibles customization for hobby or entertainment purposes.”
Although FaceCoin has been receiving tremendous attention, CryptoKicks may surpass FaceCoin’s attention and market share. More people in the world are interested in keeping a collection of cool or rare shoe collection. This is probably one factor that may influence demand for Nike’s digital currency. On the other hand, FaceCoin’s adoption is bound to be hindered by its issuer’s tainted past regarding privacy of the platform’s user data.
Even though the move by Nike is ambitious, they know notable people like DJ Khaled are into their rare shoe pieces and won’t mind spending a fortune on CryptoKicks if that is the only way to add a rare shoe into their collection.
Bitcoin has of late been moving away from wild price fluctuations. It has also shed off the bear forces seen in 2018 which has in turn added confidence that Bitcoin is here to stay. Assuming that Nike makes CryptoKicks a reality, brand interaction will have gained a new meaning propelling the fashion industry to think outside the box.
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