Nike has just received a patent for the tokenisation of shoes on the Ethereum blockchain.
According to what was reported today by the US Patent and Trademark Office, it seems that the US multinational that manufactures footwear, clothing and sports accessories has applied to use the Ethereum blockchain to issue ERC721 tokens for some of its shoes.
Nike introduces the current scenario as follows:
“Presented are cryptographic digital assets for articles of footwear, methods for making/using such cryptographic digital assets, and decentralized computing systems with blockchain control logic for mining, intermingling, and exchanging blockchain-enabled digital shoes”.
More specifically, Nike intends to generate unique IDs involving an access key to a crypto wallet, the token attached to the shoes and the shoes. This will allow people to proceed by unlocking ERC721 tokens when they physically purchase the shoes and remain connected to the unique ID that guarantees ownership.
This is how the example is presented on the patent:
“When a person purchases a real-world pair of shoes from a registered seller, a unique (e.g., 10-bit numeric) physical shoe identification (ID) code of the physical shoes may be linked to a unique (e.g., 42-bit alphanumeric) owner ID code of the buyer. Concomitantly, an access prompt with a unique (e.g., 64-bit numeric) key is issued to a cryptocurrency wallet account associated with the owner ID code such that the buyer can retrieve a digital shoe with a cryptographic token; the key, token and digital shoe are assigned to the owner ID code. For instance, a first Ethereum Request for Comments (ERC) 721 or ERC1155 token may be granted to authenticate and transact a physical shoe, and a second ERC721/ERC1155 token may be granted to access, breed, and transact a digital shoe”.
This shoe tokenomics that Nike wants to implement will also serve to record all the information of digital shoes on the blockchain, such as model, colour, style, number and specific features.
This will enable users to exercise greater control over their shoes and their designs, given the unique ownership ID and all information associated with the token of the shoe of reference. The application shows that owners can set limits on how many copies of their proprietary shoes can be cloned and produced.
The American giant’s approach to the footwear industry is an innovative way of considering it digitally and protected by blockchain, which has nothing to do with the speculative bubble that made headlines in China two months ago.
The Shanghai branch of PBoC, in fact, had accused the sneaker trade by claiming that the sector had turned into a financial bubble since some platforms offer the possibility for users to exchange shoes as if they were shares.