By
Chimamanda U. Martha
April 12th, 2024
As Nike is preparing to make its debut into the metaverse, its physical-world stock recently suffered a plunge due to supply chain issues
It appears multinational cooperation Nike Inc (NYSE: NKE) is preparing for the metaverse. The company filed seven trademark applications, indicating that it is moving towards making and selling virtual sneakers and apparel. The virtual materials will feature Nike’s iconic logo and slogan. The corporation has submitted its applications to the US Patent and Trademark Office on the 27th of October.
Nike launched its foray into the metaverse shortly after Facebook Inc (NASDAQ: FB) announced its rebranding. Towards the end of last month, Facebook said it had changed its name to Meta Platforms Inc. The social networking service company adopted the name based on the sci-fi term metaverse as it introduces social technology.
Nike Prepares for Metaverse
According to the Patent and Trademark Office, Nike initially filed for “Nike,” its famous slogan “Just Do It,” and its swoosh logo. The American multinational company submitted two additional applications for the “Air Jordan” and “Jumpman” logos a day after. In a statement, Josh Gerben, a trademark attorney, said that “Nike is protecting their trademarks for this new era.”
In addition to the filings, Nike also published job postings that suggest that the company is making arrangements for its branded products in the metaverse. The company is looking for a virtual material designer of footwear and other virtual design roles.
In the job description, Nike said the candidate will partner its material designers to “create and visualize the most sophisticated and innovative virtual material concepts in the world using 3D tools such as Substance Designer.” Nike added that the applicant must be a creative problem solver who can work solely and in a team. The cooperation stated:
“This position will combine their experience, problem solving abilities, and creativity to build the future of Nike Footwear materials. This role sits in the Digital Product Creation group, a team focusing on igniting the digital and virtual revolution at Nike.”
Nike to Begin Selling Virtual Clothing
Gerben confirmed that the new trademark filings by Nike “clearly” indicate that the company is debuting into the metaverse. The trademark attorney also said that the company would launch and sell virtual clothing, shoes, and more. In his explanation, he noted that the new trademark gives Nike some sort of extra protection. This will defend the multinational company in case of unlicensed use of the brand by others.
The trademark attorney further spoke on how trademark filings protect brands.
“If you want to police your trademarks in that world, it’s going to be easier if you just own registrations for virtual goods. You can imagine the value that Nike’s name or logo holds if you were just selling, so the more protection you build into your trademarks, arguably the more value you’re adding to the book value of the company.”
As Nike is preparing to make its debut into the metaverse, its physical-world stock recently suffered a plunge due to supply chain issues. Except for a loss of 1.99% seen in the last three months, NKE has been increasing for a year. Nike stock is currently trading at $167.83 at extended trading hours.