Article | Liang Yushan
On June 3, according to coininsider, Nike has established a partnership with London-based fintech startup Plutus, allowing users to get up to 3% encryption when buying goods in Nike’s online store Currency rewards and 9% cash rewards.
The cryptocurrency that users will get is Plutus’ native token, Pluton, which runs on the Ethereum network. To unlock the reward program, users need to use Plutus’ VISA card to shop online. Currently, the fintech startup is operating in the UK and Europe, which means that users can only enjoy the service and obtain potential returns when shopping in pounds or euros.
This is not the first time Nike has explored the industry. In December last year, Nike obtained a patent issued by the US Patent and Trademark Office-“CrpytoKicks”. The patent outlines a system through which users can attach crypto Crypto assets to physical products through the Ethereum blockchain. In this example, the physical product is Nike sneakers.
∆ Patent application/Image source: thenextweb
When a user buys a pair of Nike sneakers, they will receive the only Crypto asset (ERC-721 token) generated based on the shoe, that is, both the shoe and the token. The combination of the two is called “CryptoKicks”. (Note: The generated token can record information about shoes, including color, style, etc.)
When users sell “crypto shoes” to others, the ownership of physical product shoes and corresponding Crypto assets is also transferred to the other party. (Note: Users’ Crypto assets can be stored in so-called “Crypto lockers”, which are cryptocurrency wallet-type applications)
In April this year, Nike partnered with Auburn University’s RFID Lab to release a white paper on blockchain solutions, using IBM’s Hyperledger Fabric to develop licensed blockchains, allowing retailers and suppliers to effectively track the entire individual project from creation to final sale. process.