INFINITE reduces authentication costs and creates a new source of revenue for authenticators, who can receive kickback fees on future ownership transfers for providing the original verification service.
LOS GATOS, Calif. (PRWEB) February 03, 2021
SUKU, a global leader in traceability solutions, today announced the release of INFINITE - a new application for sneaker collectors and resellers that allows them to verify the authenticity of a shoe, activate an NFC-enabled tag, and attach it physically to the shoe. Unlike existing tagging solutions on the market, which are frequently removed after purchase, the INFINITE discrete NFC tag is designed to remain concealed inside the toe of the sneaker throughout the lifecycle of the product. This tag functions as a physical-to-digital bridge for the product, linking it to the blockchain-based digital title. This enables a range of features, such as secure ownership transfers, authenticity record lookup, and reporting lost/stolen products.
The secondary sneaker market is highly active with a growing network of resellers operating anywhere from garages to sneaker conventions to online. According to Forbes, it isn’t uncommon to see the going market rate for certain pairs of highly-coveted sneakers rise 600% from already expensive retail prices.
Unfortunately, the high margins also attract a booming counterfeit sneaker industry, valued at over $450 billion USD. In fact, some sources estimate that the fake sneaker market could be larger than the market for real sneakers. Because sneakers are not serialized, both resellers and collectors are faced with uncertainty when buying shoes. INFINITE reduces authentication costs and creates a new source of revenue for authenticators, who can receive kickback fees on future ownership transfers for providing the original verification service.
A Shift From Hanging Tags To Discrete Tags
To combat this, tamper-proof sneaker tags have existed on the market for a few years, but they suffer from one major problem: they are fastened to the outside of the sneaker, which collectors consider an eye sore. These tags are frequently cut off and discarded in the trash immediately after purchase. All of the verification and ownership data is also lost in the trash with the tag.
On the contrary, INFINITE tags are concealed inside the toe of the shoe, eliminating the motivation to remove them. This unique innovation expands the purpose of a tag beyond one-time-use to full lifecycle provenance – or the ability to record the history of ownership, including transfers, of the shoe. The authenticity and ownership data is then stored on the blockchain, making it secure, transparent, and unhackable.
This allows INFINITE, for the first time, to create a serialized title for each shoe. Every time the shoe changes hands through a sale, its provenance data remains intact and up-to-date.
How To Start Using INFINITE
INFINITE is publicly available now for iOS in the Apple App Store. Over 3,300 collectors and resellers joined the original waitlist with over 550 active members already using INFINITE. Users across the globe can join now to get INFINITE Tags shipped directly to their door, participate in Exclusive Sneaker Releases, and begin building their digital closets.
For media inquiries, please contact Carmen Younts at 818-877-3751 or cyounts[at]citizensreserve[dot]com
SUKU aims to make commerce more transparent and efficient with blockchain-powered supply-chain solutions. By leveraging the traceability enabled by blockchain, SUKU provides brands and retailers with the transparency they need to meet the demands of a growing base of conscious customers. To incentivize the participation of small suppliers, SUKU rewards participants with tokens that grant the holder access to key financial services, such as microloans, that are not otherwise available to them. The SUKU team consists of a group of successful entrepreneurs and corporate leaders with a background in supply chain and blockchain from Deloitte’s Blockchain Lab. SUKU is developed by its parent company Citizens Reserve, Inc. headquartered in Los Gatos, California. For more information, please head to http://www.suku.world, engage with us on Facebook, LinkedIn, and Twitter or chat with our team on Telegram.