StockX Launches Vault NFTs
Published Jan 18, 2022 - Company News
For years, people have come to StockX to discover, consume and invest in current culture. Current culture sits at the intersection of fashion, sports, and music, but its boundaries are far more expansive, touching on a diverse range of subjects from gaming to art to next-gen investing.
StockX was built on stock market mechanics to provide buyers with seamless access to in-demand products and unlock economic opportunity for sellers. Our marketplace is centered on authenticity, liquidity, and market visibility, with pricing based solely on supply and demand. As a result, StockX has become the global platform to trade and consume current culture.
To date, unlike traditional stock exchanges, the millions of orders executed on StockX involve physical products moving from sellers to StockX for authentication, and then ultimately to buyers to be worn, collected, resold, or simply held as an alternative investment. We’ve always known that this was just the beginning.
Today, we’re launching Vault NFTs, an experience where our customers can invest in NFTs tied to physical products and trade them instantly with lower fees. 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. 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. The physical products tied to our Vault NFTs are stored in our own secure, climate-controlled facility. Each Vault NFT edition is uniquely serialized to an authenticated product in our Vault, as a title of ownership. Vault NFTs are minted under custodial authority as ERC-1155 tokens on the Ethereum blockchain to reduce transaction fees, minimize environmental impacts, and create provenance.
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.
And we’re just getting started. We’re excited about our digital future — a future where NFTs can be bought and sold across multiple platforms and paid for with cryptocurrency; a future harnessed by new NFT products that empower the creator economy; and a future where web3 unlocks marketplace efficiencies and new experiences for our global community. Our digital future will enable an ever expanding opportunity to trade and consume current culture.
Stay tuned for more to come and join the conversation with us at https://discord.com/invite/stockx.
