Last week, StockX announced that it was getting into NFTs. This is a big deal for both the crypto and sneaker communities, as it leaves an indelible mark on what will come when bringing the two worlds together.
With brands like Nike and Adidas already having NFT projects under their belt, it only makes sense that the gigantic reseller market would also come into the fold. Comparatively, StockX is gearing up for its marketplace to host a few different deliverables with NFTs and sneakers that other companies haven’t quite tackled yet.
StockX’s first NFT venture is Vault, which uses tokens as a representation of authenticity and provenance for its resale sneaker marketplace. This is useful for those returning sneakers as a speculative asset, where it saves having to send authenticated shoes back and forth.
StockX hopes to use NFTs as a tool to reward big spenders and collectors. For its first reward, StockX hosted a giveaway of eight Kaws figures that only NFT holders could participate in. The idea of using NFTs as a way to exclude and reward superfans is a growing trend, with StockX looking to use its strong community of collectors to reward behaviors these people are already engaging in.
With a heavy emphasis on Vault for its entry into NFTs, StockX’s execution of tying NFTs to sneakers made sense. However, there are still many questions about how people are supposed to behave in this market which differs from the way other NFT platforms are set up: how are resellers supposed to assess this “added value” of an NFT? Which NFTs will be sold separately from the sneakers? Will users be able to resell the NFTs they buy on StockX on other platforms like OpenSea? Let’s break down what we know.
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