The cryptocurrency system of Nike has been approved with an issuance of a patent for block-chain compatible sneakers; this cryptocurrency system for the sportswear company is known as “CryptoKicks.”
The Cryptocurrency System for “CryptoKicks”
The patent was reported earlier in 2019, which sketch out a cryptocurrency system where a block-chain could be utilized to connect digital assets to tangible products. In the case of Nike, the tangible product is the sneakers.
When a pair of “CryptoKicks” is purchased, a digital asset is attached with it, according to a news report from TheNextWeb. The digital asset and the physical sneakers is a combination of a full package that guarantees that the shoes are authentic and original, even if it moves from one buyer to another. “When a consumer buys a genuine pair of shoes a digital representation of a shoe may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick,’” according to a statement of the patent.
In regards to reselling products, sneakers are known to constantly transition through owners. The cryptocurrency system of the “CryptoKicks” allows owners to track the sneakers’ ownership by transferring the sneaker’s one-of-a-kind digital assets and turning it over to the new purchaser. The owners of the digital assets of the physical product can be able to keep the assets in an application, known as the Digital Locker, as a form of storage. The Digital Locker application is used as a form of cryptocurrency wallet.
“CryptoKicks” owners will have the option 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.”
The Official Launch of CryptoKicks
There has not been an announcement for an official release for CryptoKicks, however now that the United States Patent Office has approved the patent, there are some features that will show up in the future.
Following the application launched by Nike, known as FootWare, Nike also filed a trademark patent for CryptoKicks. According to the U.S. Patent and Trademark Office’s (USPTO) website there are indications that Nike will be heading in the direction of establishing its own cryptocurrency network.
The digital application sketches out several digital services, including but not limited to cryptocurrency software wallets and hardware wallets, “operating an online marketplace featuring footwear and clothing,” and “downloadable computer software for managing cryptocurrency transactions using block-chain technology.”