RATE Group | Nike receives patent for Ethereum-based sneaker tokenization system
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Nike receives patent for Ethereum-based sneaker tokenization system

11 Dec Nike receives patent for Ethereum-based sneaker tokenization system

Posted at 11:35h in Ethereum News by

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  • Nike has been granted a patent to tokenize sneakers on the Ethereum blockchain.
  • The shoe manufacturer uses the ERC721 standard to verify the authenticity of the sneakers.

Shoe manufacturer Nike has received a patent to protect a sneaker tokenization system based on the Ethereum blockchain that uses non-fungible tokens (NFTs). According to the patent application, Ethereum will be used to link digital assets to the physical product, the sneakers. The patent published yesterday was originally filed by Nike at the US Patent Office in May 2018, approximately at the same time as the “Cryptokicks” trademark was filed.

The document, which was published on the U.S. Patent and Trademark Office website on December 10, states that Nike will use Ethereum’s ERC721 or ERC1155 standards to create NFTs for authenticating sneakers. The sneakers can be unlocked with the purchase by linking a 10-digit shoe identification code to the owner…

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