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 a

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...