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stockx-valutnfts-thefutureparty

StockX creates avatars of real shoes

stockx-valutnfts-thefutureparty
Courtesy of StockX

StockX creates avatars of real shoes

 

Future. Resale marketplace StockX is introducing VaultNFTs, which allow customers to buy and sell tokens that represent what the company has in stock. That means customers can buy and sell shoes without ever even seeing the physical versions (or the shoes even leaving the warehouse). VaultNFTs could be yet another innovation in blockchain-backed tokens… but StockX will probably need a lot more warehouses.

Slip on these NFTs
StockX is launching an NFT marketplace… as a proxy for real products.

  • StockX is introducing VaultNFTs.
  • Each token on the Ethereum blockchain represents a real pair of shoes that StockX has in stock.

When users purchase a VaultNFT, they can either redeem the NFT for the physical shoes or quickly resell the shoes (without ever having to touch them).

Still in the box
VaultNFT gives StockX the ability to buy and sell shoes without ever having to receive them, which makes particular sense for a resale market. This removes a scenario where someone receives a pair of shoes just to turn around and sell them for a profit… with that process happening over and over again. It’s no different than purely digital NFTs, by the way.

No longer needing to send shoes that a buyer will never wear is not only cost-effective but also better for the environment. StockX noted in its press release that the availability of VaultNFTs will help “reduce transaction fees, minimize environmental impacts, and create provenance” (i.e., no shipping and handling).