Nike is one of the most popular footwear brands that recently announced entering the Crypto space. You may have noted that many big corporations, including IBM, Facebook, Microsoft, and many other firms are interested in cryptocurrencies. Now the famous footwear brand Nike is also going to put its toe into the crypto world. More importantly, you will be surprised to know that this will tokenize its shoes with crypto coins.
In 2018, the UK-based electric bike company, 50 Cycles, first came up with a proposal to tokenize the electric bike called TOBA. If a user rides a motorcycle, he or she can earn cryptocurrencies by riding the bike. You can receive ‘LoyalCoin,’ which is a digital coin while riding the electric bike. You can acquire ‘LoyalCoins’ worth of 20 Euros for riding 1000 miles. This idea was exciting because it was completely new at the time.
Last year, the footwear brand also wanted to launch ‘crypto-kicks,’ which are tokenized sneakers. Now let us know more about CryptoKicks.
Crypotokicks, patent developed by Nike to offer tokenized sneakers which can be unlocked using ID code. The token will be on the Ethereum blockchain, and ERC1155 or ERC721 is the digital tokens that will be used to make the transaction.
In April 2019, Josh Gerben, a trademark attorney, first describe Nike’s ‘CryptoKicks’ via Twitter. On April 19, 2019, the legal document was filed with the United States Patent Trademark Office. The news update came to the public when Gerben updated it on April 24.
Nike’s filing mentions about the crypto wallets, mobile applications, crypto tokens, and online store regarding this matter. The document covers every detail of how everything will be integrated.
Moreover, Nike will provide a digital currency for its consumers for online transactions and adopt the virtual currency system. This shows that the company is planning to integrate digital currencies for its online market. The company has made one billion dollar quarterly sales from last month’s sales report, which is the highest ever sales. The deals are 36% higher than in previous year sales. This is one of the significant reasons the company is trying to adopt cryptocurrency and expand its online business.
Apart from that, Nike also describes how it is going to keep the name ‘CryptoKicks’ for its cryptocurrencies via blogs. The company is also going to offer different computer games.
Well, the footwear giant developed this concept so that it can track the actual ownership of the shoes of a buyer. That means if you buy a CryptoKicks, you will get a digital asset attached to the pump. As a result, there will be digital scarcity when it is linked to the actual production of the shoes.
When you sell the sneakers to someone else, the shoe’s ownership can be transferred with the help of the digital asset. The asset that is linked to the sneaker can be accessed through a wallet on your smartphone.
More interestingly, you can breed new digital shoes with the help of CryptoKicks. That means Crypotkicks will allow you to create shoe offspring for which you will get a new pair of shoes. This feature will attract more customers to have a couple of Nike crypto sneakers.
Are You Ready to Purchase CryptoKicks?
If you want to get a pair of sneakers with a digital code, you’ll have to wait until the actual digital shoe launches. Many Used click money system Login for crypto trading for Digital currency for better profits.If you want to purchase new Nike shoe
You’d have to buy it from Nike’s official website or Nike’s new online store. Since Nike is going to take its products out of Amazon, it will adopt a new retail strategy. The reason is not apparent, but this may eliminate counterfeit products from the market on its brand.
This indicates that Nike is taking a significant step towards offering its customers authentic products by testing the product utilizing a digital code. It is an excellent idea for the footwear manufacturer to deal with counterfeit products in the market in the name of Nike. Are you ready to buy a Nike blockchain-based shoe? Share your answer in the comment section what you think about ‘CryptoKicks.’
Image Source: BigStock.com (Licensed)