The booming cryptocurrency market is taking the economy with a storm. Although the market has been previously making baby steps, the progress made so far is promising. Cryptocurrencies have gained popularity once again after bitcoin regain normality after going bullish in June. Price volatility is among the factors that scare new investor, but the normalcy is once again appealing to crypto investors.
The cryptocurrency market is anticipated to go big, especially after giant corporations in the media and apparel industry announced to launch their new coins. Such is the Cryptokicks, the new digital currency proposed by Nike Inc., one of the behemoths producing sport wears and sneakers. I think this is the transition we have been anticipating for- if successful, Cryptokicks has immense potential to change how we conduct business.
What you need to know about Nikes Cryptokicks
The news about Cryptokicks was first broken by Josh Gerben, a US trademark attorney on April 24. The coin is not about launching a new shoe model; it goes beyond that- the company is gearing to launching a completely different and real digital currency. The goal of the company goes beyond producing crypto themed sport wears. The firm is seeking to introduce a digital medium of exchange for online buyers and sellers.
Additively, the firm is planning on creating a crypto enabled website to support transactions through unconventional currency systems. The document of the proposed Cryptokicks lays out plans to establish a digital currency that will be applied by the online community in gaming and online blogs.The crypto market is still young; there are much more opportunities to be exploited, as illustrated by Nike Inc.
We don’t expect anything to be released soon, but having the knowledge of the plan is enough evidence that the crypto market is going big. If granted the trademark, Nike has the potential to introduce the birth of new customer experience in fashion and sportswear.
What gives Cryptokicks a competitive edge
The cryptocurrency market has found a new niche with the potential to elevate the market to the next level. The support of cryptocurrency technology by the new pop culture has increased its awareness among potential investors. We have seen celebrities expressing their interest in the cryptocurrency market. Stars such as Lil Pump has shown their interest in the crypto market by supporting payment using Bitcoin on their online shops
Now just imagine buying that sneaker you would steal for with cryptocurrencies? Isn’t it amazing? I think Nike is trying to introduce a sense of value addition. For instance, the value of Cryptokicks will rely heavily on market demand. The purchase of Nike products using cryptocurrencies means that there will be a surge in demand hence forcing the market expansion.
The significant difference between Nike and Facebook cryptocurrencies is that. Nike has an elaborated plan on how to generated value, unlike Libra, Facebook’s proposed coin that has attracted controversy since day one.
Assuming that Nike’s ambitious vision goes as per the plan, there is a huge opportunity to go big. There are a lot of potential investors out there still speculating the performance of the market. Nike’s success will give these investors confidence to come out. Moreover, the company can collaborate with big artist and have them purchase some of the rare wears, thus inducing demand for the Cryptokicks.
Every corporation wants a piece of the crypto market; most companies have laid out plans to launch their own coins or are already developing them secretly. Crypto market is having its way among the millennials, and the pop culture and any company left out during this transition will have a hard time dealing with competition.
Fashion moves fast, and a company like Nike that has built its reputation for years knows better how to deliver value to its consumers. Likewise, it’s highly likely that Cryptokicks might as well have the advantage of customer tastes, preferences, and brand loyalty, thus giving a promising edge for the growth of this market.