Nike will issue its own tokens similar to CryptoKitties

by in Cryptocurrency News

Nike token CryptoKicks

The world-famous manufacturer of sportswear and footwear Nike has patented the mechanism of tokenization of products using the Ethereum blockchain. The company intends to issue tokens to protect the authenticity of the sneakers, according to a document published by the US Patent and Trademark Office.

In particular, Nike intends to issue non-interchangeable (NFT) tokens of the ERC-721 or ERC-1155 standard. One of the most striking examples of the use of such tokens is the game CryptoKitties.

With the help of tokens, the owner of the shoe will be able to indicate his ownership of it.

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Tokens called CryptoKicks “unlock” when buying shoes, they match their unique code with the owner ID through the application on the smartphone.

It is said in the statement that potential and current owners can buy and sell digital assets through one or more blockchain registries operating in a decentralized computing system. For example, a user can buy a new pair of sneakers from a trusted seller who is ready to provide records of the origin of the sneakers.

Nike also offers to create collectible pairs of shoes by “crossing” digital analogs among themselves: the buyer can trade both material and digital shoes, store the latter in a cryptocurrency wallet or other blockchain storage, as well as “cross” digital shoes with other pairs. The resulting “offspring” can be transformed into a material pair of shoes.

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Recall that Nike filed a Cryptokicks trademark application with the U.S. Patent and Trademark Office in April.