Nike has reportedly filed several new trademarks this week, indicating its plan to make and sell virtual sneaks and apparel. This is the apparel giant's first step into the metaverse.
Nike Prepares for the Metaverse
According to the US Patent and Trademark Office or PTO, Nike filed applications on Oct. 27 for its "Just Do It" slogan and the swoosh logo.
On Oct. 28, the apparel giant filed two more applications for its "Jumpman" logo and for "Air Jordan." All in all, Nike submitted seven applications.
Josh Gerben, a trademark attorney, told CNBC that Nike is protecting their trademarks as it plans to enter a new era.
The company did not reveal the full detail about its future plans. However, those familiar with the company's strategy said that space is a priority for the apparel giant. The public can expect to see more virtual releases in the next couple of months.
Aside from the trademark requests, Nike is also looking to add more staff to the space. The company has recently posted openings for a virtual material designer of footwear, and the other design roles are virtual too.
The job listing was posted on Nike's official website on Oct. 23 and described the role as one that sits in the Digital Product Creation team, one that will focus on igniting the digital and virtual revolution of the company.
The trademark fillings would be a hint to Nike's plan of getting into the metaverse, Gerben said. The company is filing new applications for its famous trademarks.
Nike has plans to launch and sell virtual headwear, shoes, clothing, and more, according to CBS News.
Gerben added that the new trademarks also provide Nike more protection if other companies use the brand in an unlicensed way.
Gerben said that it is also Nike's way of protecting their trademarks in the virtual world, as it will be easier and safer if they own registration for virtual goods. He added that the trademark filings would add value to the company's brand portfolio as trademarks are considered a form of property.
Gerben added that Nike's name and logo hold a lot of value, so the more protection built into their trademarks, the more value they are adding to the company's book.
Nike's Virtual World
This is not the first time the brand has explored the virtual world. In May 2019, Nike partnered with "Fortnite" where the characters wore the company's sneakers. The apparel company has had a lot of collaborations, including with the online gaming company Roblox, according to CNN.
Last week, Nike bought the NFT studio RTFKT that creates shoes for the metaverse.
Nike is still waiting on a patent filed back in 2019 for "Cryptokicks," which the company plans to use as a nonfungible token.
As the company gears up to take over the virtual world, supply chain problems have impacted the physical world.
On Sept. 23, the company revealed its recent earnings report. It lowered its fiscal 2022 outlook to account for longer transit times, prolonged production shutdowns in Vietnam, and labor shortages.
The company's shares are now up 18% as of 2021, and its market value is now at $265 billion.
Related Article: Top 12 Metaverse Tokens | MANA, SAND, AXIS, and More
This article is owned by Tech Times
Written by Sophie Webster
