Nike to Tokenize Shoe Ownership

Nike just received a patent to tokenize shoes. The patent stems from the U.S. Patent and Trademark Office and will leverage the Ethereum blockchain.

Here’s how it will work: whenever shoes are purchased, tokens will become unlocked. In order to facilitate this unlocking, a 10-digit shoe identification code will be linked to an owner identification code, effectively linking an owner with the shoe.

The tokens will utilize the ERC 721 non-fungible token (NFT) standard. All ‘linking’ will be recorded on the Ethereum blockchain. According to the patent,

“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.’”

Yet besides signifying shoe ownership, the patent will allow for a number of other features. The NFT tokens will be able to record certain ‘genotype’ information related to each shoe, such as colors, designs, and various style attributes.

The patent suggests owners will be provided with an added element of control over their shoes. For example, owners will be able to set limits on the number of clones or copies that can be produced. They can also grant rights to third parties who will be able to mix shoe designs.

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Nike just received a patent to tokenize shoes. The patent stems from the U.S. Patent and Trademark Office and will leverage the Ethereum blockchain.