The number of practical applications of blockchain technology is increasing every day. Governments, charitable organizations and market giants – they all see the potential in virtual, unwritable databases. Nike also saw a chance to develop this technology in its own way – and took the action.
CryptoKicks – how do you tokenize shoes?
The leader of the Nike clothing industry filed an application for a patent for the trademark “CryptoKicks” in April. The project did not escape the notice of crypto enthusiasts – mainly because of the information contained in the documentation. The application contained information about the planned creation of virtual currency, tokens and the community.
The patent was issued on December 10, 2019. Nike stated in the document that it intends to create ERC-721 tokens based on Ethereum and to use them to generate unique identifiers.
The US Patent Office today issued Nike a patent for blockchain-compatible “CryptoKicks” pic.twitter.com/CqjqcnfeRR
— That CI Podcast (@thatcipodcast) December 10, 2019
How will CryptoKicks tokens work?
Obtaining a name patent is not enough – to maintain it, the company must launch a product called CryptoKicks within 4 years. So how can you get the token?
Just buy physical footwear and then combine the 10-digit shoe identification code with your user code. Thanks to this, the owner of a given pair – as well as another owner, in the event of sale – can always be sure that he is getting a 100% original product. No other technology would be able to provide what blockchain gives – transparency and openness, while not being able to overwrite data.
What additional possibilities does tokenization offer?
A dedicated application will be created for tokens on which you can store tokens or – in the event of sale – send them to the next owner. However, these are not certainly the only approaches available. There was also an idea taken from the CryptoKittens game, which is based on blockchain too.
More precisely – it’s about “multiplying” shoes. The owner of the token and physical pair of shoes will be able to connect with another user and jointly “give birth” to the next generation. Such a “child” will be available as physical footwear by placing a special order. In addition, the “parents” of such a pair of shoes may retain their partial or total right of possession. This gives a huge scope for investment – if the design is unique and desired, it can bring significant material benefits to the owners.