Nike, one of the largest shoe manufacturers, just received an authorization to produce a digital representation of their shoes on the Ethereum Blockchain as tokens. As per the document dated Dec. 10 and posted on the U.S. Patent and Trademark Office, Nice confirmed that the patent anticipates to generate exclusive IDs and create ERC721 tokens for particular shoes.
Consumers would be able to unlock these tokens through purchasing a physical shoe and to signify ownership, these tokens can then be linked with a unique 10-digit encryption. Apart from representing a digital shoe, the token can also record the kicks’ archetype statistics through an application with scanning features which can be operated on a mobile phone. This can be done once the user obtains the pair of sneakers from a verified merchant.
Adding more buzz, the said patent could most probably permit operators to achieve extra authority over their shoes and their designs. For instance, the application highpoints that proprietors can set parameters on the number of reproductions which can be made from their patented shoes. It also include features wherein owners are granted the freedom to combine shoe designs and be taken care of by third parties.
Furthermore, the digital shoes’ “breeding privileges” may be regulated by one or more real-world production boundaries. This patent claimed that through the key code linked to the virtual product, ownership rights for each sequential generation of digital sneakers may be secured back to the original actual real-life shoe.
It is not shocking that Nike is eyeing to tokenize footwear. Notably, as stated on the latest news report from Nike’s site, the company landed a 7% quarterly revenue upturn on a reported basis and a 10% on a currency neutral basis. With its solid product innovation pooled with business-leading digital practices, Nike targets to carry on a broad-based evolution across a worldwide portfolio.