Quick take:
- The trademark application covers “digital collectibles, digital tokens and non-fungible tokens (NFTs)”.
- This signals the company’s move into the NFT space.
- Crocs has yet to mention anything about entering the metaverse.
Foam footwear company Crocs has filed a trademark application with the United States Patent and Trademark Office (USPTO) on Jan 11, signalling its possible move into the world of NFTs.
According to the USPTO report, the trademark registration is “intended to cover the categories of downloadable digital media namely, digital assets, digital collectibles, digital tokens and non-fungible tokens (NFTs)”.
The report also reveals Crocs’ plans to leverage blockchain-based technology, adding: “Downloadable virtual goods created with blockchain-based software technology and smart contracts, in the nature of footwear, clothing, bags, accessories and charms for decorating footwear, clothing, bags and accessories; Downloadable computer software for creating, managing, storing, accessing, sending, receiving, exchanging, validating and selling digital assets, digital collectibles, digital tokens and non-fungible tokens (NFTs).”
Crocs is the latest in a trend of global footwear brands making their moves into the metaverse, as its predecessors Nike and Adidas have both hopped on the NFT bandwagon last year, with the latter selling $23 million worth of its NFT collaboration with Bored Ape Yacht Club (BAYC).
Once a ridiculed brand, Crocs has been investing in high-impact collaborations with brands and media personalities such as Benefit Cosmetics, Balenciaga, and Justin Bieber, amongst others, to elevate its brand positioning in recent years.
Despite pandemic-induced global supply chain issues 2021, Crocs saw monumental growth throughout 2021, reporting a 67% increase in earnings year over year. In Sep 2021, it announced a goal to achieve $5 billion in sales by 2026.
According to a Footwear News interview with Crocs CEO Andrew Rees last year, the company is focusing on “attracting the type of consumer he calls the “explorer,” who is characterized by being young, expressive, self-confident, active on social media”.
With its latest move in NFT trademark filing this year, Crocs is perhaps hoping to position its brand in the metaverse so it can tap into a new generation of consumers exploring the virtual world. With how lucrative NFT drops have become for global brands, releasing NFTs could help Crocs meet its goal of achieving $5 billion in sales by 2026.
At this moment, Crocs has yet to confirm that it will be releasing NFTs.
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