The StockX brand has just revealed a breakthrough business model grounded on trading IRL sneakers without even owning them. The concept is realized through a resale marketplace StockX, not without the help of NFTs.
The online venue, dubbed Vault NFTs, allows users to buy and resell physical sneakers paired with digital tokens with the help of blockchain. Besides ensuring authenticity, the sneaker NFTs allow their owners to get the physical pair of shoes delivered at any time.
Each NFT can be transferred directly between users, meaning there is no shipping delay or extra cost. In addition to iconic digital sneakers from Nike and Adidas, users can also purchase NFTs of corresponding real-life sneakers brands, such as the KAWS Sacai Nike Blazer Low Blue or the Bad Bunny x Adidas Originals Forum Low.
“To date, unlike traditional stock exchanges, the millions of orders executed on StockX involve physical products moving from sellers to StockX for authentication, and then ultimately to buyers to be worn, collected, resold, or simply held as an alternative investment,” StockX Chief Executive Officer Scott Cutler claimed in a statement. “We've always known that this was just the beginning.”
As you may know, StockX is not the first brand to promote the idea of non-fungible sneakers. In December, Nike Inc. acquired virtual sneaker maker RTFKT who are the pioneers and most renowned team engaged in sports shoes NFTs.
Don't mistakenly think that Vault NFTs sells sneakers alone. The platform is more of a one-stop-shop, where you can find much hyping stuff, from exclusive sports items to luxury art pieces.