As you probably know, the NFT world is rapidly expanding as more and more mainstream brands start to adopt the metaverse trend. It seems like every day, a new platform begins to include NFTs in their main or side offerings. The newest addition to platforms that now offer NFTs is the well-renowned sneaker buy and sell site StockX. As announced earlier this week by the company’s CEO Scott Cutler, you can now buy and sell NFTs in addition to the sneakers and streetwear previously offered.
Ease of Use
Despite the fact that NFTs and cryptocurrency continue to go more mainstream by the hour, there is still an evident divide between people who believe blockchain technology is the future and people who don’t. With that being said, a majority of people have heard about all these new crypto projects, but haven’t actually dabbled in it with their own money.
A big reason for this reluctance is fear of the unknown, which is represented by the dilemma of where to purchase crypto assets, how to setup a crypto wallet, and who to trust when attempting to complete a transaction. This is where StockX presents a unique selling proposition–their ease of use. Unlike the traditional step-by-step process that others may find tedious and suspicious, you can purchase NFTs the same way you purchase sneakers on the StockX website and app. With this, another stream of future NFT owners is seamlessly created.
How Does it Work?
Another key difference between NFTs being sold on the StockX platform and traditional tokens is that owners of the assets can exchange their NFT for the actual sneaker at any time, as the actual sneaker is supposedly stocked at the company’s various storage facilities worldwide.
While purists may say this completely defeats the purpose of having a non-fungible token, newcomers to the space may enjoy this fact as they are secure in knowing their crypto asset is backed by a fungible asset. However, the NFTs currently offered on StockX are priced astronomically higher than the actual sneaker, so it wouldn’t be a surprise if nobody avails of this “exchange” capability.
What is Currently Offered?
As of now, StockX’s NFT program has just launched, hence only a few NFT sneakers are available. From the list of NFTs thus far, we have the Nike Dunk Low “Panda”, Nike SB Dunk Low “Ben & Jerry’s Chunky Dunky”, Women’s Exclusive Air Jordan 3 Retro A Ma Maniére, adidas Forum Low “Bad Bunny”, and more. From those sneakers offered, the Nike Dunk Low “Panda” sits as the cheapest option with the lowest ask being $1,125 (~Php 58k).
While it may seem crazy to pay roughly five times the price of the sneaker itself, these NFTs may prove to be a good investment considering StockX is one of, if not the biggest platform in the sneaker world. Remember, NFTs are worth the highest amount of money someone out there is willing to pay, whether you think that amount will be high or low is up to you.
We are very excited to see how this newest offering will develop in the coming months, and what other sneakers will be made available in digital form! To see other streetwear companies making the shift, check out this article on 5 Fashion Brands That Have Embraced NFTs.