Many companies that have blockchain or cryptocurrency business lines have announced non-fungible token plans or are seen by investors as possible NFT plays.
One major apparel company could soon be a NFT stock via patents granted for digital sneakers.
In 2019, Nike Inc (NYSE:NKE) was granted a patent that could have huge value in the non-fungible token space.
The patent calls for a "system and method for providing cryptographically secured digital assets." The patent includes digital assets for articles of footwear.
"Blockchain control logic for mining, intermingling and exchanging blockchain enabled digital shoes" is also part of the patent Nike received.
The patent lists "cryptokicks" as the subject from Nike. The Cryptokicks may include token data and attributes from a companion physical shoe.
Cryptokicks will also have the ability to breed to create offspring and can be morphed or mutated to be rebuilt by a virtual object.
The newly created different variations could also be turned into physical shoes. The plans named in the patent also list the ability to use the digital shoes in video games.
Another patent for Nike in the NFT space calls for "systems and methods for provisioning cryptographic digital assets for blockchain secured retail products."
NFTs have risen in popularity throughout 2021. The field has attracted customers who want unique offerings and investors betting on the long-term value of NFTs.
Nike shares made it to mid-morning Friday up $3.99, or 3.1%, to $132.63
