November 27, 2022

Nike patents CryptoKicks digital currency on Ethereum blockchain

Nike patents CryptoKicks digital currency on Ethereum blockchain

According to the US Patent and Trademark Office, Nike is a multinational corporation that produces sneakers, clothes and sports accessories, has applied for the use of the Ethereum blockchain.

“Cryptographic Digital Assets Presentedfor shoe items, methods for creating / using such cryptographic digital assets and decentralized computing systems with blockchain management logic for mining, mixing and sharing digitalized shoes with blockchain support ”- says the company’s application.

Nike, an American manufacturer of sportswear and shoes, has patented the mechanism for representing sneakers as non-replaceable (NFT) tokens on the Ethereum blockchain.

The patent describes a CryptoKicks digital asset in the form of an ERC721 or ERC1155 token. It can be used to verify the authenticity of company products.

The token is "unlocked" at the time of purchase of the sneakers by comparing the 10-digit identification code with the owner's identification code. The patent says:

“The user will be able to purchase a new paira sneaker from a verified vendor who will provide a confirmation record. Having received a box with sneakers, the user will scan the bar code through the application in the smartphone. ”

Nike also suggests using the system to track the total number of running shoes on the market. In case of sale, a digital token can be transferred to the new owner along with the shoes.

Nike’s plans to create a digital currency CryptoKicks became known in April.