NFT News: StockX Ties NFTs to Reality

Jeff Pratt breaks down the StockX Vault, which will allow users to trade sneakers without ever owning the physical product.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.

StockX Vault

Sneaker powerhouse StockX is changing the game once again. The online reselling platform recently announced the launch of StockX Vault, NFTs that are backed by a physical product which is stored in a StockX facility.

This new platform is meant to increase efficiency for sneakerheads, as it replaces large shipping fees with minimal transaction fees while also allowing the product to be flipped at a much faster rate.

Owners of each token are able to have the corresponding product delivered at any time. StockX CEO Scott Cutler also believes the StockX Vault will be able to improve the authenticity and traceability of the sneakers being sold.

Published By : DraftKings Nation

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