Nike now holds a Patent to Tokenize shoes on Ethereum Blockchain
CryptoKicks are on your way!
One of the most well-known brands in the world Nike has received a patent to tokenize shoes on Ethereum.
The US Patent and Trademark Office issued a patent on Dec 10 which describes a cryptographic digital asset for footwear. Nike stated that it wants to create Unique Digital IDs that are tied to ERC 721 standard in Ethereum which allows the creation of non-fungible tokens.
These real-world IDs will be directly connected to the token hence proving the ownership for the real-world asset in a digital format. The users can use it to not prove ownership but also add other information for the digital shoe including specific attributes, colors, styles, backgrounds.
“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 this, Nike has also come up with a feature similar to CryptoKitties called “breeding rights” where the owners will be able to “intermingle or breed the digital shoe with another digital shoe to create ‘shoe offspring’ and have the offspring made as a new, tangible pair of shoes.”.
The number of shoes manufactured can be controlled by the owner hence creating digital scarcity. Nike will come up with a dedicated Crypto wallet app for users to manage, trade and own their digital shoes.
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