Nike Plans To Roll Out First Blockchain-Based Sneakers

According to a new patent issued by the US authorities for Nike, the shoemaker giant is working on a blockchain-compatible sneakers model called “CryptoKicks.”

The patent revealed a cryptographic system, in which the company takes advantage of blockchain technology to integrate physical products with secured digital assets. This time, it’s about to attach them to “CryptoKicks.” With the help of the blockchain-based system, not only can Nike track the ownership but also verify the authenticity of those sneakers.

For example, when you choose to purchase a pair of “CryptoKicks,” they’ll get a unique identifier attached to a digital asset. As part of this, the production of digital assets will directly affect Nike’s sneakers production. When the first owner of these sneakers passed them to another, they will trade both physical goods and/or attached digital assets when transferring the ownership. After that, a cryptocurrency wallet app named “Digital Locker” will store those digital assets.

What’s more, anyone who is an owner of these sneakers can intermingle or breed the digital shoe with another shoe to create ‘shoe offspring’ and have the offspring made as a new, tangible pair of shoes. However, some of this news doesn’t appear to surprise many people because the company had filed an original patent application a couple of months ago.

While there’s no word on where or when Nike will launch this crypto-compatible shoes in the future, we all expect to have a glance at the CryptoKicks once it arrives in the consumer market anytime soon, especially when the patent is officially granted.