Nike is about to introduce its own cryptocurrency system

During the last days of 2019, Nike patented a blockchain-based system to help identify and track its sneakers, making the resell process more transparent and controllable and giving users the ability to customise their sneakers. The project's name is "CryptoKicks" and involves associating a digital asset with each shoe. This digital content, which the user will be able to manage and monitor through a specific app, serves to track the "genetic code" of the single pair of sneakers, acting as a guarantee of authenticity and recording all changes of ownership. Here's what the patent text says

“When a consumer buys a genuine pair of shoes a digital representation of a shoe may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a CryptoKick.”

Through this innovation, Nike focuses its attention on the ever-widening resell landscape, following more and more the entire shoe supply chain, even after it has been sold. But in addition to greater traceability and verifiability of individual products, the most interesting feature of the CryptoKick system is the ability to customize the sneakers. It will be possible to create hybrids of digital shoes in the app, which will then be possible to produce in reality. The actual dynamics of this mechanism have not yet been clarified, but the new system developed by Nike and the ability to create highly customized sneakers could open up new and interesting scenarios for the sneaker game.

Nike has not yet released official news about its new cryptocurrency system. But the news of the approval of the patent by the US authorities suggests that the development of the technology may be in its final stages. Stay connected to nss magazine for all updates on Nike's new CryptoKicks system.