NIKE. has been granted a patent for a method that facilitates the provisioning and transfer of cryptographic digital assets, including non-fungible tokens (NFTs) linked to physical products. The process involves user requests, ownership recording, and product shipment based on trade requests. GlobalData’s report on NIKE gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on NIKE, AI-assisted fitness tracking was a key innovation area identified from patents. NIKE's grant share as of July 2024 was 77%. Grant share is based on the ratio of number of grants to total number of patents.
Provisioning and trading non-fungible tokens (nfts) for products
The granted patent US12074971B2 outlines a method and system for provisioning cryptographic digital assets, specifically non-fungible tokens (NFTs) linked to physical products. The method involves transmitting virtual object retrieval options to users, allowing them to create a limited number of NFTs that represent digital assets of physical products. Users can request the manufacture of these products, and upon receiving trade requests, the system assigns NFTs to selected users' cryptocurrency wallets. The process includes generating NFTs, managing trade requests, and facilitating the shipment of physical products to users who have successfully traded their NFTs.
Additionally, the patent details mechanisms for NFT management, including the removal of NFTs from users' wallets upon trade and the assignment of replacement NFTs associated with different digital assets. The system also supports NFT-to-NFT trades and transfers between users, ensuring that ownership and transaction tracking are authenticated through smart contracts. The physical products referenced in the patent include items such as footwear and apparel, with digital representations provided in 2D or 3D formats. Overall, the patent presents a comprehensive framework for integrating NFTs with physical product transactions within a distributed computing network.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
