Popular sneakerhead resale marketplace StockX LLC has announced a major foray into NFT’s. Covered: StockX NFTs What This Means For NFTs StockX NFTs Another large company is making its way into crypto, and this time, physical products will be tied to the NFT’s creating a whole new way to trade. The announcement, which was unveiled today, […] The post BREAKING: StockX Creates NFT’s Tied to Physical Sneakers appeared first on CryptosRus.

BREAKING: StockX Creates NFT’s Tied to Physical Sneakers

Popular sneakerhead resale marketplace StockX LLC has announced a major foray into NFT’s.

Covered:

  • StockX NFTs
  • What This Means For NFTs

StockX NFTs

Another large company is making its way into crypto, and this time, physical products will be tied to the NFT’s creating a whole new way to trade. The announcement, which was unveiled today, “uses non-fungible tokens tied to physical products that sneaker traders can buy and sell instantly using blockchain technology to ensure authenticity.“

credit: stockx

Each ‘Vault NFT’ “is an ownable digital token, backed by the same physical item held in StockX’s new secure vault.” These NFT’s will be inexpensive to trade according to StockX: “no shipping fees, low transaction fees, no crypto required, and no closet space needed.”

As you can see in the below image, users have the ability to sell the NFT, which is backed by a real pair of shoes, or, redeem it for the real pair, stored in the vault. “Buyers will own the token and the corresponding sneakers and may have them delivered at any time.”

credit: stockx

The CEO of StockX Scott Cutler said that the move into NFTs helps immensely with the traceability and authenticity of the shoes, something that NFTs can help streamline. Moreover, you can actually own the shoes, without actually owning them. Allowing users to amass a digital collection of shoes that are backed by the real thing.

RECOMMENDED: Crypto’s Latest Status Symbol… Lambo NFTs

It also allows users to “speculate” on the shoes and trade them far easier than ever before. As StockX says: “If you’re bullish on a shoe, consider investing in a Vault NFT. You take possession of the NFT immediately after the transaction is complete, meaning it is the fastest way to flip.”

What This Means For NFTs

In many ways, it opens up the capital in this highly-traded resale market to become far more efficient. Users can trade the sneakers without ever owning them. According to images on the website, StockX will be using Ethereum, but it is unclear if a Layer-2 will be involved.

According to their roadmap, StockX is planning on branching out into personal wallet withdrawals, crypto payments, and crypto payouts. This should be a boon for the company, as they are seeking to go public.  In April, the company said it was valued at $3.8 billion after “a secondary tender offering.”

The future of commerce is once again proving that it will be proved on-chain. 

RECOMMENDed: Coinbase Partners With Mastercard to “Revolutionize” NFT Purchases

The post BREAKING: StockX Creates NFT’s Tied to Physical Sneakers appeared first on CryptosRus.