A lot of links here, so check it out. Yesterday StockX informed everyone they introduced NFTs. There was a lot of speculation. I even dropped this video to help people gain an understanding of how I saw the move:
https://www.youtube.com/watch?v=LGJIMZOr35Q&t=480s
Last night during @SneakerPhetish ‘s Twitter Space named #SampleSize he was able to get some heavy hitters to answer questions on the topic. You can listen to the Space here: https://twitter.com/i/spaces/1rmxPgEkmRDJN?s=20
To ensure that there was more clarity I took the time to listen and create a comment thread for this Space and the topic:
https://twitter.com/archbyccb/status/1483871927978582018
I hope this helps answer some of your questions.
Tweet Responses to the Twitter Space:
@archbyccb @SneakerPhetish
listening in on last night’s #SampleSize at 43:44 and a couple of clarifications: The real blockchain ledger, not StockX’s which is internal, exists on a “chain” of different computers which is why it’s so difficult to hack. StockX’s ledger is internal.
@archbyccb
When Chance comes on, he moves the discussion from Dino’s comment on the “Vault”: Now when Dino says the vault has 100 sneakers, he doesn’t know if there are vaults in every authentication location. That’s a question that won’t be answered, I’m sure. Still listening…
@archbyccb
Chance at 50:21 says they will burn the NFT. This implies that there isn’t any real ownership. The item is verified on Etherscan, but the trades don’t exist there and neither does the NFT. It’s basically a cash grab.
@archbyccb
After listening to Chance, these should not be called NFTs at all. They should be called Vault Cards.
@archbyccb
1:00 hour in Oliver Telusma raises a point, but doesn’t ask it correctly. An NFT is created by someone. It’s minted and made available via a marketplace like Nifty Gateway. The artist is able to implement a commission on every transaction when it’s sold again and again. 1/2
@archbyccb
2/2 This StockX NFT we have no idea if it’s minted and if it isn’t minted does the first person to sell get to earn a commission? A lot of questions. This is not the first NFT with a physical product. RTFKT has actual sneakers with some of their NFTs. At 1:03
@archbyccb
1:08 Edward Schwan is spot on. This is a glorified raffle ticket. He is spot on about the concern with the bubble in the cost for a StockX NFT.
@archbyccb
Kari is doing the job of the research team at StockX with this Twitter Space. It’s free game again and you have to find a way to monetize this.
@archbyccb
1:18 Sualdo asks, where are these shoes coming from? Can we show the NFT at home? Great questions. Shoes are sourced off the marketplace – Chance. No answer on NFTs being shown outside of StockX. Note: StockX could offer their own digital devices to display their NFTs. Important.
1:32 Juan Wilson voices the frustration around the NFT space and StockX’s involvement. Jordan states that the NFT on StockX will increase in value. Juan responds that it’s another path to alienation and he’s right.
@archbyccb
@SoleRetriever comes on at 1:37:50.
@archbyccb
Steez Lo Green at 1:42 voices a continued concern similar to Juan that the StockX NFT is bad for sneaker culture. Jordan adds a comment on the reality of the Metaverse and Web3. It’s coming and it will be exclusionary by default.
@archbyccb
Had to tap out at 1:48 on transcribing and commenting.
@archbyccb
Tapped back in when Brandon Chance speaks at 1:57 when he states that StockX is an internal blockchain with a possible agreement with sneaker brands. He incorrectly states RTFKT couldn’t use the Nike logo. They made most of those NFTs before the acquisition. Very good comment.
@archbyccb
Johnny Juliano makes a good point about NFTs, but it’s important to know that the money around any collectible functions the same way. Cars, art, cards, sneakers, all operate and who is willing to pay. Ev.ETH from StockX blockchain speaks at 2:05.
@archbyccb
2:06 Ev.ETH discusses Ethereum and gas fees as the reason why StockX’s NFTs are on internal blockchain subledger. He does speak about the environmental impact. Instant trading, low fees, and environmental impact. This is a Proof of Stake vs Proof of Work comment.
