Entering 2016, provenance – or the ability to ensure ownership and chain of custody – was named as a potential breakout use case for blockchain technology, and while this prediction has yet to come to pass, new startups are entering the market.
The latest to emerge on the scene is Chronicled, which has raised $3.4m to explore whether blockchain tech can be a value-add for the purchasers of collectible sneakers.
As described by The New York Times, the scene is one where "mostly male, mostly teenage" buyers quickly amass thousand-dollar collections. According to informal estimates, the secondary market for collectible shoes is valued at $1.2bn in the US alone.
But Chronicled is banking on the fact that this state of affairs will provide the best luxury goods market for its blockchain applications. Competitors have so far chosen to apply similar concepts in digital media and precious stones.
http://www.coindesk.com/chronicled-sneakers-blockchain-big-market/
