Sneaker startup Satoshi Studio will be putting all its products on the Ethereum blockchain. Their first shoe, called Satoshi_One, contains an NFC chip that makes sure you’re dealing with an authentic product. According to Satoshi Studio this is a great way to combat illegal counterfeiting.
In the case of these sneakers, information about the materials being used, the shoe’s origin and the sneaker model are being stored. As soon as a shoe has been created, this information will be stored on the NFC chip. An unique ID can be transferred to your Ethereum address by using a smart contract.
This smart contract determines ownership, so once the owner sells the shoes he should also transfer the digital ownership. When an old pair of Satoshi Studio shoes will be send back the factory, the owner that is connected through the shoe’s ID, will be rewarded in Satoshi Studio Tokens. These can be used for future purchases on the company’s website.
The Satoshi_One shoes can currently be pre-ordered on Kickstarter for 105 EUR. Funding will end on August 22nd. When the shoes launch in October, the retail price will be set at 160 EUR. These shoes can also be ordered from the Satoshi Studio website, where sneakerheads can pay using cryptocurrencies.
Even though Satoshi Studio are the first to have their shoes on the blockchain, they are not the first to investigate the space. Nike has trademarked an online marketplace called Cryptokicks. Which highly suggests that Nike will put a certain line of shoes on the blockchain. However, nothing has been announced just yet.
Also published on Medium.