Nike has been plagued by fake products, but finally, Nike filed a patent for its blockchain-based sneakers called 'Cryptokicks'.
Not only does it have a positive impact on the company's bottom line, without being brand encroachment, but it also makes it easier for collectors to collect products.
The U.S. Patent Office approved a technology patent for "CryptoKicks," blockchain-based sneakers by Nike the manufacturer of sports goods on December 10. CryptoKicks patents are a form of recording product information with the non-replaceable token (NTF) based on Ethereum blockchain. Patents for tokenizing shoes on Ethereum’s blockchain use the ERC721 or ERC1155 tokens to prove the authenticity of the shoes and to trade.
If a consumer buys a pair of Kryptokies sneakers, he or she will get a token for the shoes and can manage the token and hand it over to another person through a mobile app. It also has the ability to nurture virtual shoes. It is a way to grow digital shoes or mix them with other digital shoes to create a new species. Analysts say it is similar to the Ethereum game CryptoKitties idea.