NFTs on StockX
Nike, adidas, and now StockX. More and more companies are introducing the so-called NFTs. In the other articles, we have already talked about Non-Fungible Tokens in detail, and so we will just skip this explanatory part now. Instead, we'll look directly at StockX's NFTs.
The Future of Culture Is Here - StockX Vault NFT
StockX dropped a total of eight Vault NFTs on January 18th. Those who are already a little familiar with this matter know that the first novelty is already being introduced here. StockX calls its own tokens "Vault NFT", but the purpose behind the NFTs seems to be the same. More specifically, they are minted, exclusive NFTs that are linked to coveted physical products and represent an investable digital asset. They can be sneakers, designers, experiences, and more.
What Else Can StockX Vault NFTs Do?
Clearly, the asset value of StockX Vault NFTs is the most important point. However, StockX goes one step further and ties the same physical item to the respective NFT. So, for example, if you own a Ben & Jerry's x Nike SB Dunk Low "Chunky Dunky" (Vault NFT), you automatically have a right to the sneakers. However, anyone who redeems the Vault NFT for the pair in question automatically loses the Vault NFT. In addition, the unique NFTs provide owners with exclusive access to StockX releases, promotions, and events.
Who Stores the Sneakers?
So, we know that everyone has the right to the physical item if they also own the Vault NFT. But who stores the items and guarantees no loss of value due to poor storage? StockX has taken precautions! Every Vault NFT is stored in the brand-new, climate controlled, high-security vaults at StockX facilities. This is where all valuables are best kept.
How Do I Get a StockX Vault NFT?
Unfortunately, we can't tell you exactly how to get a StockX Vault NFT at this stage. According to StockX, "So, if you're excited about a shoe, you should invest in a Vault NFT. You'll get the NFT immediately after the transaction is complete, meaning it's the fastest way to flip. And with no shipping costs and market-leading low seller fees, the hurdle to profitability is lower."
StockX Enters the Crypto World
The StockX Vault NFTs sound very exciting and promising. So, we will definitely be following up on this and will notify you as new details emerge. More details can be found at StockX.