StockX now joins the hundreds of companies exploring the metaverse and NFTs, and they’ve done it with sneakers! Keep reading to learn what’s happening, what it means, and why StockX is now selling NFTs!
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StockX is now selling NFTs, but why?
Scott Cutler, the CEO of StockX, announced a few days ago that the company would now be supporting the buying and selling of NFTs on their platform.
In an attempt to shorten this article, check out “What NFTs are and How They Will Change the World of Sneaker Collecting” for more information!
With the growing buzz around things like NFTs and the Metaverse, it’s no surprise that a behemoth like StockX would have started to look into the space.
If you visit StockX’s NFT section on their website, they have an amazing information section about what they’re actually doing.
StockX’s “Vault” of current NFT projects:
What’s the Point?
You’re probably wondering what the point of an NFT sneaker is. Why would I just want an image of a sneaker? Why would I pay hundreds of dollars for it?
Well, StockX has tied the physical sneaker to the NFT! According to StockX themselves:
Each Vault NFT is tied to the same physical item, stored in our brand new, climate-controlled, high-security vaults inside StockX facilities.
This is HUGE news! What StockX has done is essentially remove the physical aspect of reselling, and created a true stock market for sneakers.
You don’t have to worry about fees or shipping, you don’t actually touch the sneaker! Say you think a Jordan 1 will rise in value, you buy the NFT and sell it once you’ve made your profit. This is the big reason why StockX is now selling NFTs.
Future Implications for Reselling!
StockX has totally changed the game and made it more efficient to resell than ever.
As StockX develops its NFT program, and other companies follow suit, it is only a matter of time until reselling goes fully “metaversed”
Of course, physical shoes will always be around because some people want to wear sneakers. But for those of us looking to profit from a hyped release, sneaker NFT’s seems like the best option.
StockX also said they are planning on teaming up with creators to create unique NFTs that will only be available on StockX. They have also said they are working on potentially creating cryptocurrency payouts for sellers!
This is serious news and should be a big wake-up call to any resellers who haven’t paid attention to this space. This NFT project is important and going to be a catalyst for change, you better stay prepared!
More information will be coming as StockX announces it, so stay tuned!
Make sure to check out our HypeMaster Playbook to learn about how you can capitalize on this billion-dollar market and set yourself up for success.
What happens if you sell fakes on StockX?
StockX has a procedure where they check if the shoes are fake or not. If they are fake, they will send them back to you with a 15% sales price fee or $13.95 shipping cost.
Can I sell on StockX before release?
Yes, you can sell your shoes early, but you need to have them in hand in order to list them. If you don’t have them in hand and proceed to list, there is a chance that your account will get suspended.
How do editions work on NFTs?
Each NFT “Non Fungible Token” will have a set amount of editions. The product page will let you know how many mints/pieces were made of each NFT.
Can you get scammed on StockX?
Yes, there is a possibility to get fake sneakers through StockX even though they have a very reputable authentic control. There are several reports where very well made fakes have gone through StockX and came out as original.