Blockchain

Sportswear Brand Nike Gets Patent for Blockchain-pegged Sneakers ‘CryptoKicks’

Nike, one of the world’s most popular and trustable sportswear brand, has been issued a patent for its highly anticipated blockchain-compatible sneakers branded as “CryptoKicks” by the US patent Office on Tuesday. The patent signifies a revolutionary solution in which blockchain can be put into use for integrating cryptographically secured virtual assets with a physical commodity, which in the given case is Nike’s sports shoe.

According to the latest piece of information, Nike will now use the excellence of the blockchain technology to keep track of the ownership of the patented sneakers along with the verification of genuineness of the product. This will undoubtedly increase the popularity of the renowned sportswear brand and will also place it a notch higher in comparison to its competitors.

A person who will purchase a pair of “CryptoKicks” sneaker will also get a digital asset attached to an exclusive identifier associated with the shoe. This shall result in a digital scarceness of the digital assets, and their production volume lies in sync with the production of the real sneaker shoes.

“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’,” read the patent.

When the owner of the shoes sell off the product to someone else, the ownership of the shoe will get transferred to the buyer by trading both the original show and/or the related digital assets. One can store these digital assets in the cryptocurrency wallet app “Digital Locker.”

The official announcement affirmed that the new sneakers would be able to “intermingle or breed the digital shoe with another digital shoe to create ‘shoe offspring’ and have the offspring made as a new, tangible pair of shoes.” As the original application for the acquirement of the patent was filed back with the authoritative body in April, the news doesn’t come as a surprise altogether for the community.

Post the grant of the patent by the US Patent Office; there are high chances that people will be able to enjoy access to CryptoKicks in the future. Though, as of now, the firm has not released any official launch date.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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