Gate.io Blog StockX expands its market through adopting NFTs

StockX expands its market through adopting NFTs

18 March 10:30

The StockX NFTs represent the ownership of actual sneakers.

StockX connects buyers and sellers of streetwear, watches, collectibles, sneakers and other products.

StockX NFT holders can exchange the tokens for real sneakers at any time.

StockX has a marketplace for its NFTs.

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StockX, an online reseller of sneakers and streetwear, has ventured into NFTs. Its aim is to enable its customers to buy and sell NFTs which represent its sneakers. Some of the sport brands that supply sneakers to StockX are Adidas and Nike.

The NFTs represent physical sneakers

The NFTs which StockX sells correspond to physical goods, the sneakers. Therefore, the NFT which an individual buys is proof of ownership of a certain type of sneaker, which he/she can claim in the future. As such, the holder of the NFT can sell it or transfer it to another person at any time. In this case, there is no shipping cost involved.

Since the owners can exchange their NFTs with the real sneakers, it is a simple way in which people can trade the real sneakers but without moving the stocks. This is similar to people who flip goods at famous e-commerce sites such as Amazon or Etsy. While the people trade these NFTs, the real sneakers will remain at StockX storage facilities around the world.

How vaultNFTs work

Primarily, StockX uses vaultNFTs where the individual token for a physical good is transferred to the buyer while the product remains in the Vault until the owner is ready to collect it. It is important to realise that when the NFTs are transferred to another person, it means that the real product also changes hands, reflecting a transaction.

The interesting fact is that unlike flipping physical products which can take a long time to ship, trading in the related NFTs is faster as you get it soon after making the payment. Since there are low transaction fees, the possibility of making a profit is high. In addition to this, if you engage in flipping at StockX, you are likely to have a higher turnover, with a possibility of higher returns.

Although there is a possibility for exchanging the physical sneakers for their corresponding NFTs, in reality this is near impossible because the prices of the associated NFTs are usually higher than that of the sneakers. Therefore, exchanging the NFTs for the sneaker will most likely result in a loss. The reason why StockX uses NFTs is to avoid the sale of counterfeit products on the platform, reach many people with its products and create a more vibrant and sustainable marketplace.

What is StockX?

StockX was launched in 2016, as an online marketplace for various items which include sneakers, streetwears, electronics, collectibles, watches and bags, among others. In fact, it is an intermediary which stocks and verifies the products before sale. Buyers can purchase the goods directly from the sellers.

NFT Marketplace

At the very start, people can only buy StockX NFTs at its marketplace. However, the expectation is that other NFT marketplaces such as OpenSea will be able to sell them in the near future. However, independent marketplaces such as OpenSea are not the only platforms where people can buy and sell NFTs. Established cryptocurrency exchanges like Gate.io are other platforms where people can buy and sell NFTs. In fact, at Gate.io people have the chance to mint their own NFTs at no cost.

Source: Pixabay

The minting, buying and selling of NFTs at Gate.io takes place in the NFT Magic Box. It is very simple to navigate the platform whether one wants to buy or sell the NFTs. Apart from browsing the NFTs, you can also see the trending NFTs. What also makes it user-friendly is its interface. Apart from displaying listings and prices, NFT Magic Box gives short de_script_ions of the NFTs.

Conclusion

StockX mints and sells NFT which are connected to real products. People can simply trade the StockX NFT or exchange them for the sneakers at any time. Using these NFTs makes it very easy for people to trade the sneakers and reduce the shipping costs as well as delivery time. StockX has its own marketplace where people can buy and sell the NFTs.

Author: Mashell C. , Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement

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