StockX, an online sneaker and streetwear reseller, is planning to launch a service allowing consumers to buy and sell NFTs that are linked to physical sneakers from major sports brands.
Known for selling gaming hardware, trading cards, and other collectibles, StockX will launch Vault NFTs to open a new stream of revenue.
- Consumers will be able to purchase digital sneakers from brands like Nike and Adidas.
- The purchase of an NFT will accompany a physical version of the corresponding sneaker.
- StockX will ship consumers their physical sneakers at a time of their choosing.
StockX is preparing to go public in the first half of this year. The company is reportedly working with Morgan Stanley and Goldman Sachs to facilitate its transition to the public market.
The Collectibles Boom
In April 2021, the resale platform was valued at $3.8 billion, a 35% increase compared to the valuation it received in December 2020 following a $275 million Series E funding round.
Despite the growth, attributed to the surge in popularity of collectibles during the pandemic, StockX has emerging competition in a market valued at more than $372 billion.
In another collectibles blockbuster earlier this month, Fanatics agreed to purchase Topps in a deal valued at $500 million. The company’s trading card business raised $350 million at a $10.4 billion valuation last October.