Quick take:
- The NFTs are tied to corresponding physical sneakers that can be delivered to buyers anytime.
- A limited selection of sneakers will be available to trade as NFTs.
- StockX is aiming to go public in the first half of this year.
Streetwear online exchange and resale marketplace StockX has unveiled its new NFT service, Vault NFTs, on Tuesday. The service allows users to own the NFTs that are tied one-to-one to the physical shoes, which are stored in high-security vaults inside StockX’s facilities.
The NFTs certify the authenticity and ownership of the sneakers, allowing owners to flip the sneakers as fast as possible while saving on shipping fees and storage space. Buyers can also have the sneakers delivered to them anytime.
Currently, a limited selection of eight sneakers will be available to trade as NFTs. Vault NFTs will also be giving owners access to StockX releases, promotions, events
However, StockX has yet to implement a feature that allows the NFTs to be transferred to a wallet. The company’s Terms of Service states that “StockX may automatically redeem your NFT for an Experiential Component, at its sole discretion, in which case StockX may remove the NFT from your portfolio and you will cease to own the NFT.”
One fuck up on their private keys and everyone's NFT's gone
— Beef (@beefman37) January 18, 2022
This suggests that StockX’s NFTs are currently not decentralised, which has understandably gotten people suspicious, although Vault NFTs claims that “cross-platform liquidity is on the horizon” and that the company plans to implement personal wallet withdrawals, crypto payment and crypto payouts.
Co-founded by American billionaire businessman and investor Dan Gilbert, StockX was valued at $3.8 billion in April last year following “the conclusion of a $195 million secondary tender offering as well as an additional $60 million in Series E-1 primary shares,” according to a statement.
On Jan 12, Bloomberg reported that StockX “is working with Morgan Stanley and Goldman Sachs Group Inc. on its planned U.S. initial public offering”, with aims to go public the first half of the year.
This follows a recent boom in the collectibles market during the pandemic. StockX’s recent move into the NFT space provides an opportunity for the company to cash in on the current NFT craze and join the likes of sportswear companies like Adidas, Nike and Puma who have all jumped in.
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