Footwear Brand Crocs Files For NFT Trademark

The trademark filing requests the right to use the Crocs name on NFTs of 'footwear, clothing, bags, accessories, and charms for decorating' as well as the software needed to create and sell them. In fact, the application is marked for '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).'

The filing indicates that the footwear brand is preparing to issue NFTs, according to a well-known crypto-intellectual property lawyer. Its counsel, WilmerHale, filed on an 'intent-to-use' basis, meaning Crocs has a bona fide intention to use it in commerce.

This is not the first time a show brand is moving into digital wearables. In December 2021, Nike bought NFT collectibles startup RTFKT, a virtual shoe company that makes NFTs. Even Adidas scooped up $23 million in sales after its first NFT drop.

NFTs could spell a lucrative new business for the publicly traded Crocs, which posted 67 percent revenue growth year over year in 2021. Executives initially spoke of the company’s digital focus in its Jan. 11 earnings call but made no mention of the metaverse.

Founded in 1999, Crocs has a market cap of $7.4 billion. The shoe company sells its products in approximately 80 countries through wholesalers, retail stores, e-commerce sites, and third-party marketplaces.