June 25, 2024

Nike patented Cryptokicks shoe tokenization system

World-Famous Sportswear and Footwear Manufacturer Nike Patents Cryptokicks System for Tokenizationshoes as non-replaceable tokens (NFT) on the Ethereum blockchain.

Recall that in April Nike filed an application with the BureauU.S. Patents and Trademarks for Using the Cryptokicks Trademark. The patent provides a description of a digital asset and methods of its use, as well as a description of tokens of the ERC 721 and ERC 1155 standard used for authentication and transfer of physical goods.

When purchasing an original pair of Nike shoesa token is generated, to which the identification codes of the shoe itself and its owner are attached. According to the manufacturer, the system will prevent product counterfeiting. The user can easily verify the authenticity of the shoe by scanning the bar code on the box using a special application for a smartphone.

Given that the issue of tokens will depend onthe number of shoes sold, this will allow you to monitor the sales volume, since when you buy each pair of original sneakers, a cryptographic token is generated. When reselling shoes, this token is transferred to another owner along with the physical product - ownership can be controlled in a special application.

According to Nike, using digital assetsusers can engage in “breeding shoes”: it is safe to trade both material and “digital shoes”, store “digital sneakers” in a cryptocurrency wallet, mix their characteristics and even “display” a new generation of sneakers in accordance with acceptable production capabilities.

Recall that blockchain in the shoe industrybegan to be used in Russia. Last May, Obuv Rossii announced the use of the blockchain to protect customer data, as well as plans to issue its own cryptocurrency.