Nike, one of the largest sportswear manufacturers and retailers globally, has decided to enter the blockchain space by applying for a patent of its CryptoKicks. The company applied for this patent earlier this year and has now successfully reserved the blockchain shoe rights.
CryptoKicks started as a project at the beginning of this year, and Nike announced that a patent is in preparation back in April.
The idea behind CryptoKicks is to create a digital token, which will be used to identify the shoes. Not only that, but Nike is looking to develop a network of customers who are connected and communicating with each other because of their crypto shoes.
With the introduction of blockchain technology, Nike is aiming to reach a more extensive online customer base while providing a secure and protected purchasing experience.
This is the first major shoe manufacturer to try and enter the blockchain space, and this gives the company a significant advantage. With the introduction of this revolutionary service, Nike is targeting a whole new customer base, which was not necessarily covered beforehand.
How does it work?
The way Nike is going to structure the CryptoKicks platform is not yet fully disclosed, but the company has given customers a general idea of what to expect.
The primary purpose of the crypto shoe platform will be to have a unique cryptographic representation for each pair of shoes manufactured. This means that once customers purchase a pair, a digital cryptographic token will be issued, and visible on the platform.
Nike is also hinting at the possibility that these tokens will serve as avatars on the platform, and they may be designed explicitly by prominent artists from around the world.
The CryptoKicks project is a representation of two worlds colliding, but it is yet to prove itself as a success. Nike is trying to fulfill its long-term goals by entering an entirely new field with the introduction of blockchain technology in shoemaking.
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