Nike and startup Plutus have reached a partnership to provide online shopping cryptocurrency rewards


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.

Leave a Reply
Related Posts

Is Bitcoin the Next World Reserve Currency?

Welcome to the third and final part of our series on cryptocurrencies and macros. A quick recap of what we’ve covered so far: The first article explains the dollar milkshake theory: the assumption that the dollar has been rising and will continue…
Read More

Walken announces roadmap and in-game economy stats

Image credit: Walken Walken, a fast-growing blockchain gaming platform, on Monday announced a roadmap for its platform along with new additions. The announcement marks an important milestone for its ecosystem, bringing the game one step closer to realizing its vision of using…
Read More