Nike patented the sneaker tokenization mechanism.
Nike, an American sports shoes and apparel company, has patented the mechanism for representing sneakers as non-interchangeable (NFT) tokens on the Ethereum blockchain.
A patent issued by Nike describes the CryptoKicks digital asset, in the form of an ERC721 or ERC1155 token, which can be used to authenticate a company’s products.
The token is “unlocked” at the time of purchase of the sneakers by matching the 10-digit identification code with the owner’s identification code.
“Future and current owners can buy and sell digital assets through one or more blockchain registries in a decentralized computing system. For example, a user may purchase a new pair of sought-after sneakers from a verified vendor who can provide a confirmation record. Having received a box with the sneakers purchased, the user will scan the barcode through the application on his smartphone, ”the document says.
The invented Nike system is also proposed to be used to account for 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.
“Using a digital asset, a buyer can safely transfer and sell a material pair of shoes, store digital shoes in a cryptocurrency wallet or other digital container on the blockchain,“ cross ”digital shoes with other digital shoes, obtaining“ offspring ”. On the basis of the rules acceptable to the manufacturer, he can get a new pair of shoes in material form, made to order, ”the message says.
“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,’” the patent reads.
When sneakers are sold to someone else, ownership can be transferred by trading both real shoe and/or associated digital assets. These digital assets can be stored in what’s being called a “Digital Locker,” a cryptocurrency wallet type app.
But there’s more. It seems someone at Nike has been playing CryptoKitties, as owners of “CryptoKicks” 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 original patent application was filed back in April so some of these details won’t come as a surprise to some.
Nike previously registered the Cryptokicks trademark in the United States as part of its “wide range of blockchain-related services.”
In turn, the AI created its own version of advertising for Nike. French advertiser Jean-Baptiste Le Divelek created a neural network and trained it on Nike ad campaigns in recent years.
The legendary boxer Mike Tyson decided to create a blockchain platform for athletes. The platform will use blockchain technology to create conditions that will help fighters in their quest to achieve success.
Consumers have the flexibility to store, send and receive cryptos from around the world.
It is a secure blockchain wallet offering users total peace of mind. Popular ways to spend cryptocurrency in different countries is using XcelPay Wallet. It provides security for your cryptos assets and your transactions. Bitcoin wallet for Android and IOS is becoming more and more popular. More people have started using XcelPay in different countries. XcelPay Wallet app, now available on IOS and Android app stores.
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