The shoe giant Nike has just been granted a patent on the Ethereum blockchain platform to “tokenize” sneakers. The project was referred to as “CryptoKicks.”
On December 10, in a patent posted on the U.S. Patent and Trademark Office, Nike describes a digital asset for footwear and ways to use it. The firm Intends to create unique IDs for some shoes and generate ERC 721 tokens.
Through the buying of actual shoes people may “unlock” these tokens and these tokens can be connected to special holder IDs that indicate ownership.
“Prospective and current owners […] may buy and sell digital assets through one or more blockchain ledgers operating on the decentralized computing system. […] By way of example, and not limitation, a user may buy a new pair of highly sought after sneakers from a verified vendor who may provide authenticated provenance records for the sneakers. […] After receiving the shoe box containing the purchased sneakers, the user scans the box UPC with a barcode scan feature in a sneakers app operating on the user’s smartphone.” Described in the patent.
“When a consumer buys a genuine pair of shoes a digital representation of a show may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick.’”
In addition to representing a digital shoe, the token can also record a digital shoe’s so-called genotype information, including particular attributes, colors, styles, backgrounds.
Customer able to design thier own shoes.
Apparently the patent will allow users to have more control of their footwear and product designs. For example, the application highlights that owners can set limits on how many copies of their proprietary shoes can be cloned and produced. There are also “surrogacy features” to grant others the right to mix shoe designs and “parenting/nannying features” to allow third parties to take care of the shoes.
Not surprisingly, Nike is looking to tokenize shoes. According to The Block in China, where Nike posted a quarterly 22% profit in September, limited edition sneakers produced by other brands are gaining popularity.
Chinese news site Xinhua.net reported earlier this year that used shoe selling platforms are gaining traction in China. People are buying limited edition shoes and reselling at higher prices.The industry’s development is growing as blockchain technology matures and larger companies become more involved with it.
Source: CoinTelegraph, The Block Crypto
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