Nike now holds patent for blockchain-based sneakers called ‘CryptoKicks’
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Nike now holds patent for blockchain-based sneakers called 'CryptoKicks'
Call them "CryptoKickies"
The US Patent Office has today issued sportswear brand Nike's patent for its blockchain-compatible sneakers dubbed "CrpytoKicks."
The patent outlines a system whereby blockchain can be used to attach cryptographically secured digital assets to a physical product, in this case a sports shoe.
It seems Nike's platform will also track the ownership and verify the authenticity of sneakers using the blockchain-based system.
When you buy a pair of the "CryptoKicks," you'll also receive a digital asset attached to a unique identifier of that shoe. As a result, there is digital scarcity of the digital assets, as their production is effectively tied to the production of real sneakers.
"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, ow