These Stockx NFT’s…anyone have any clue what is going on here?
A lot of times, I look at these situations and just think ’this is entirely NOT the point…there is no way anyone is going to buy into this’ and sure enough, someone does. And not just ‘someone’, but ‘lots of people’. I don’t understand how anyone - who actually KNOWS what is going on - is actually buying into this whole idea, because it’s crap. but it appears a fool and his money are easily separated.
It’s also possible I’m reading this whole thing wrong…but this is my thought process behind it:
- First - the NFTs listed are only bought and sold ON StockX - IRL, NFT’s are meant to be on decentralized marketplaces. STOCKX CONTROLS THE WHOLE MARKET ON THEIR OWN NFT’S!!! THAT IS NOT AN NFT!!!
- Second - the NFTs listed are for largely replaceable items - IRL, NFT’s are for 1 of 1’s and mostly irreplaceable items. AN NFT FOR A PUBLICLY RELEASED SHOE DOES NOT TIE DIRECTLY TO A SPECIFIC PAIR! THAT MEANS IT IS FUNGIBLE (WHICH MEANS IT CANNOT BE NON-FUNGIBLE)!!!
- Third - the ‘NFT’ for these items is listed at a cost of DOUBLE OR MORE of the actual price of the actual item. THIS IS COMPLETELY POINTLESS! THIS IS LIKE BUYING A CALL OPTION THAT NEVER EXPIRES FOR A SHOE THAT WILL DETERIORATE OVER TIME!!!
I see SOO SOOOO SOOOOOO much hate for crypto and NFTs lately and it baffles me…but when this is the example that the general public sees of an ’NFT’ it makes total sense as to why they hate it. I guess I just want to say - us crypto and NFT heads don’t want anything to do with this, either. This is SO behind the point of what we people are trying to accomplish in this space and it gives us a bad name…
I dunno…I guess I just want to ask - am I reading this whole thing wrong? Am I missing something here? Do you know anyone who has bought one of these things? Am I the one who is clueless about what’s going on?