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The token does not notice, and that’s exactly what we want. As the original buyer, the token is already stored in my wallet when I bought the shoes from Nike.

The token does not notice, and that’s exactly what we want. As the original buyer, the token is already stored in my wallet when I bought the shoes from Nike. Whoever stole the item can try to sell it, but given they don’t own the wallet that the token lives in - everyone will know it’s a stolen good. Another benefit of NFT for psychical goods. Here is Nikes patent for this use case: https://pdfpiw.uspto.gov/.piw?docid=10505726 https://pdfpiw.uspto.gov/.piw?docid=10505726

DC1350 6y ago
I still don’t get it. Why can’t the owner of the NFT and real shoe just keep the real shoe and transfer a counterfeit shoe along with the token?
- zaarn 6y ago
  Because then the real shoe is no longer associated with the NFT.
krrrh 6y ago
Anyone who’s been involved with crypto for more than a month or tried to help people to sign their email with PGP knows how often people lose their keys even when access to fungible cryptocurrencies is on the line. So what happens to the shoes I want to sell if I lose my private key or it is stolen (probably more likely than someone stealing the physical shoes)? Do I simply lose the right to sell? Or do I go to jail for not being able to prove that I own them? What if the person I’m selling the shoes to believes me or doesn’t care? What is the real cost of stolen or fraudulent goods to the shoe market in percentage terms? Does it justify all of these extra transaction costs being layered on the honest shoe traders? Are there probably good reasons that the idiom, “possession is 9/10ths of the law” is so common?
- usehackernews 6y ago
  Counterfeit or pirated goods accounted $522 Billion or 3.3% of all global trade last year according to the EU Intellectual Property Office (EUIPO). And Shoes are the most counterfeited product in the world. 2 I don’t have specific shoes figures, but here is an article about a $400 million fake shoe bust customs made 3. Yes, counterfeiting is a major problem worthwhile of extra transaction costs. In the art business, confirming the legitimacy of a painting is a $1b per year market. What happens when you lose your key? Price would drop in value, I imagine. Similar to if you accidentally dirtied your shoes, both requires being careful and aren’t mistake proof. However, I’ll let people smarter than me figure this out. 1 https://www.france24.com/en/20190318-counterfeit-pirated-goods-represent-33-global-trade-report https://www.france24.com/en/20190318-counterfeit-pirated-goo... 2. https://www.redpoints.com/blog/fake-shoes/ https://www.redpoints.com/blog/fake-shoes/ 3 https://qz.com/1778276/how-counterfeit-nikes-get-into-the-us/ https://qz.com/1778276/how-counterfeit-nikes-get-into-the-us...
roywiggins 6y ago
I mean that you've transfered the NFT along already, because you thought the real product was received by the recipient. Now the recipient has a fake product and a real NFT. Now what?

DC1350 6y ago

I still don’t get it. Why can’t the owner of the NFT and real shoe just keep the real shoe and transfer a counterfeit shoe along with the token?

zaarn 6y ago
Because then the real shoe is no longer associated with the NFT.

krrrh 6y ago

Anyone who’s been involved with crypto for more than a month or tried to help people to sign their email with PGP knows how often people lose their keys even when access to fungible cryptocurrencies is on the line. So what happens to the shoes I want to sell if I lose my private key or it is stolen (probably more likely than someone stealing the physical shoes)? Do I simply lose the right to sell? Or do I go to jail for not being able to prove that I own them? What if the person I’m selling the shoes to believes me or doesn’t care? What is the real cost of stolen or fraudulent goods to the shoe market in percentage terms? Does it justify all of these extra transaction costs being layered on the honest shoe traders? Are there probably good reasons that the idiom, “possession is 9/10ths of the law” is so common?

usehackernews 6y ago
Counterfeit or pirated goods accounted $522 Billion or 3.3% of all global trade last year according to the EU Intellectual Property Office (EUIPO). And Shoes are the most counterfeited product in the world. 2 I don’t have specific shoes figures, but here is an article about a $400 million fake shoe bust customs made 3. Yes, counterfeiting is a major problem worthwhile of extra transaction costs. In the art business, confirming the legitimacy of a painting is a $1b per year market. What happens when you lose your key? Price would drop in value, I imagine. Similar to if you accidentally dirtied your shoes, both requires being careful and aren’t mistake proof. However, I’ll let people smarter than me figure this out. 1 https://www.france24.com/en/20190318-counterfeit-pirated-goods-represent-33-global-trade-report https://www.france24.com/en/20190318-counterfeit-pirated-goo... 2. https://www.redpoints.com/blog/fake-shoes/ https://www.redpoints.com/blog/fake-shoes/ 3 https://qz.com/1778276/how-counterfeit-nikes-get-into-the-us/ https://qz.com/1778276/how-counterfeit-nikes-get-into-the-us...

roywiggins 6y ago

I mean that you've transfered the NFT along already, because you thought the real product was received by the recipient. Now the recipient has a fake product and a real NFT. Now what?