You can now buy and sell NFTs on StockX, as announced by the company’s CEO Scott Cutler yesterday. The move is not surprising, considering StockX has been at the forefront of the resale business since its inception and is always looking for new categories to add to its existing portfolio. With the NFT craze boiling over into the mainstream, it was only a matter of time before StockX made the move.
While not rocket science, an obstacle to buying and selling NFTs for the average consumer has always been understanding how and where to do it, setting up a wallet, and, ultimately, completing transactions in unfamiliar territory. StockX’s existing marketplace makes it easy for users to buy and sell NFTs, as the transactions function exactly like those with real, fungible assets do on the site.
To begin, StockX users can buy NFTs of corresponding real-life sneakers, such as the Nike Dunk Low “Panda” or the Bad Bunny x adidas Originals Forum Low. Instead of receiving the actual items, the buyer gets the NFT, which certifies ownership of said sneaker. That NFT can be transferred directly between users, meaning there is no shipping delay or cost. StockX stocks the actual sneaker at its various storage facilities worldwide.
Owners of the NFT can exchange their NFT for the actual sneaker at anytime, though that’s unlikely to happen as the prices for NFTs are astronomically higher than the corresponding real-world shoe.
It’ll be interesting to see how prices develop and if NFTs of certain sneakers will remain so much more expensive. Currently, the highest bid for the aforementioned “Panda” Dunk Low is over $1,200. The actual sneaker sells for well below that price.
For more information, head to StockX here.