Nike, footwear giant licensed shoes that are tokenized as a non- fungible token(NFT) on the Ethereum blockchain, nicknamed CryptoKicks.
The license dated December 10 narrates a digital asset to footwear and directions to use it. One execution of the technology narrated in the document is an Ethereum ERC721 or ERC1155 token used to verify and transact a physical shoe.
Shoes on the blockchain
The token would be “unlocked” with the acquisition of a corresponding physical shoe by linking a 10-digit shoe identification code with the owner identification code. The system evidently aims to supply some ways to confirm the genuineness of the products, as described the license:
“Prospective and current owners may buy and sell digital assets through one or more blockchain ledgers operating on the decentralized computing system.[…]By way of example, and not limitation, a user may buy a new pair of highly doubt after sneakers from a verified vendor who may provide authenticated provenance records for the sneakers, the user scans the box UPC with a barcode scan feature in a sneakers app operating on the user’s smartphone.”
Intriguing, Nike also propose that token creation may be connected to shoe sales, which might also yield the verification of the deficiency of the shoe in circulation, the license reads:
“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.”
Owners of the digital token can be passed alongside the physical product when the footwear is sold. The property of those tokens would be run in a dedicated app, also looking to increase brand engagement.
Nike to permit breeding shoes on blockchain
The license also borrows concepts(ideas) from popular blockchain collectible cats game CryptoKitties. More precisely, if suggests that the shoes can be bred:
“Using the digital asset, the buyer is enabled to securely trade or sell the tangible pair of shoes, store the digital shoe in a cryptocurrency wallet or other digital blockchain locker, intermingle or “breed” the digital shoe with another digital shoe to create ‘shoe offspring,” and, based on riles of acceptable shoe manufacturability, have the newly bred shoe offspring custom made as a new, tangible pair of shoes.”
As blockchain further mature and large firms engage with technology more, growth in the industry is accelerating. However, specialists warn that this is an industry in which the U.S. is not at the lead.
Recent reports show that once it involves the quantity of license applications in the blockchain space, China is handily out spacing alternative countries as well as the U.S.