Reported By: Bitcoinist.com
StockX has been a pillar in online hype wear and the latest sports, urban and street fashion for quite some time, and now, they plan to take it even further with a new NFT launch designed around tying physical products and NFTs together.
In recent days, StockX announced on their website and via Twitter that they will be adding new feature to how users can collect and connect with rfshion and crypto; people will now be able to buy NFT products that also are physical objects in the real world.
A Close Look At StockX & Their New NFT Vault…
StockX was built on stock market mechanics to provide buyers with seamless access to in-demand products while also unlocking lucrative economic opportunities for resellers and flippers. StockX brought high demand products that sold out in physical stores, and created a way to make the shoe buying process fast and easy for those who missed out.
Now they attack NFTs with an experience that allows customers to be able to invest in NFTs tied to physical products and trade them instantly with lower fees; sounds like a dream for both those who love NFTs, and also hype rare high end street fashion. The brand has also mentioned how the buyer of a StockX Vault NFT will also own the corresponding physical item including the opportunity to take possession of it at any time.
StockX stated via their website:
We believe that the physical items that trade on our platform are part of a new alternative asset class that can be uniquely associated with NFTs. Each Vault NFT edition is uniquely serialized to an authenticated product in our Vault, as a title of ownership; these NFTs are ERC-1155 tokens on the Ethereum blockchain the reasoning behind that StockX wanted to reduce transaction fees, minimize environmental impacts, and create provenance.
Ethereum is used to sell most NFTs and is the primary player on the blockchain when it comes to NFTs. | ETH-USD on TradingView.com
Stockx Dreams Big & Delivered Bigger…
“Vault NFTs will help unlock new trading opportunities, reimagining what is possible when it comes to investing in current culture on StockX. By bridging the physical and digital worlds, we’re able to provide a more efficient trading experience anchored by lower costs and storage capabilities — a buyer no longer has to wait several days before they can resell a product, and they don’t have to pay the fees associated with multiple legs of shipping and physical authentication,” the brand also added in their release.
With this new step into the future, StockX has now lit the flame for other top fashion resale cites to join and help make the process fast and seamless for buyers, while also introducing others to NFTs and StockX’s amazing collection of the latest and rare fashion brands to date.