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Nike to Tokenize Footwear on Ethereum Blockchain

Nike to Tokenize Footwear on Ethereum Blockchain

The outstanding footwear producer, Nike just received a patent to tokenize shoes on the Ethereum blockchain. The patent described that Nike aims to generate IDs and create ERC721 or ERC1155 tokens on several shoes of its brand.

The tokens can be unlocked with the purchase of corresponding physical shoes and these tokens can then be linked with unique owner IDs to signify ownership. Besides representing a digital shoe, the token can also record the so-called genotype information of a digital shoe, including specific attributes, colours, styles, and backgrounds.

Captivatingly, Nike also suggests that token creation may be linked to shoe sales, which would also allow verification of the scarcity of the shoes in circulation.

The patent also stated that Nike allows ‘breeding rights’ for a digital shoe:

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Using the digital asset, the buyer is enabled to securely trade or sell the tangible pair of shoes, trade or sell the digital shoe, 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 rules of acceptable shoe manufacturability, have the newly bred shoe offspring custom made as a new, tangible pair of shoes.

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