Nike has won a patent to tokenize their limited edition "Breedable" shoes, along with other products on Ethereum.
In the spring of this year, Nike first filed for the patent, and it was awarded by the USPTO on December 10th. The patent is for a token system that would be built around Ethereum’s ERC721 token standard. This standard allows a smart contract to represent a non-fungible asset via a tradeable token on Ethereum. The tokens are programmed to be irreversibly scarce and nonduplicatable. This makes them ideal for digital collectibles, gaming assets, etc.
According to Blockonomi, in Nike’s patent, the outlined system would entail linking pairs of limited-edition CryptoKicks footwear, a line the company has envisioned to launch the aforementioned token meld, to unique owner IDs and virtual collectible NFTs representing digital versions of physical shoes.
The company’s filing also noted it could launch similar lines of apparel and beyond, for example “CryptoThreads,” “CryptoLids,” and “CryptoGear.”
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.