The sneaker industry is as big as ever, especially within the expected male, teenage demographic. It is a multi-billion dollar industry worldwide with some people spending thousands of dollars for their prized sneaker collection.
Just like with any other collectors’ industry, counterfeits are rampant. Even experienced dealers are fooled by knockoff Nike Jordans and are passed onto buyers, and will likely continue to circulate.
Keeping Sneakers on the Blockchain
The blockchain is a decentralized ledger that cannot be modified and is distributed among users’ computers and/or servers around the world. It came along with the invention of Bitcoin to take the issue of trust away from centralized authorities and to maintain integrity with every transaction. Other projects have utilized blockchains as a means of record-keeping.
The idea of keeping a unique identity within a blockchain for every sneaker produced is not a new concept, and one Parisian studio based their new luxury sneaker around cryptocurrency culture. The Satoshi_One by Satoshi Studio is an authentic leather shoe containing specific product information on the chain.
Satoshi Studio stores detailed information within each blockchain entry, including its materials, where it was made, the model number and its certificate of authenticity. Transactions may even be recorded when it’s later sold in the second-hand market.
A Satoshi_One branded with the Bitcoin founder's name:
The idea of having this information on a public ledger allows any vendor or buyer to verify the information of a sneaker at any point in time. This preserves the value of every uniquely tagged sneaker and preserves its value, just like holding Bitcoin since the early days.
More About the Satoshi_One
Being inspired by the Bitcoin community, the Satoshi_One originates from the Satoshi Nakamoto pseudonym that remains a mystery to the world. It’s built from the ground up by members of the crypto community and marketed towards other enthusiasts.
Their very own token (Satoshi Studio Tokens) will be used for multiple functions within the startup. Initially, it will be used as loyalty points for initial contributors, and later for pre-ordering products at various stages of funding. And just like any other cryptocurrency, it may be traded in exchange for fiat or other cryptocurrencies, or hoarded for speculative investors.
Earning tokens will also be possible for active community members. Activities like completing surveys, aiding in marketing campaigns, sharing on social media and are planned to let everyone earn some.
Purchasers of the Satoshi_One also have the option of sending in their old shoes for recycling and gaining a portion back in tokens. Aside from safely disposing of their waste, they will have an opportunity to preorder future products using their tokens at a discount.
For those willing to pledge on their Kickstarter page, they offer a 40% discount on 4 pairs of sneakers and their certificates of authenticity. Also, they will contribute some of the funds towards the Auckland-based Pur Project to plant 4 new trees. Smaller tiers of preorders and contributions are also available.