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Breaking Down StockX’s Entry Into Sneaker NFTs – Complex

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Last week, StockX announced that it was getting into NFTs. This is a big deal for both the crypto and sneaker communities, as it leaves an indelible mark on what’s to come by bringing both worlds together.
With brands like Nike and Adidas already having NFT projects under their belts, it makes sense for the mammoth reseller marketplace to enter the fold as well. Comparatively, StockX is setting itself up for its marketplace to host a few different deliverables with NFTs and sneakers that other companies haven’t quite tackled yet.
StockX’s first NFT venture is Vault, which uses tokens as a representation of authenticity and provenance for its sneaker resale market. This is helpful for those who flip sneakers as a speculative asset, where it eliminates having to send authenticated shoes back and forth.
StockX is hoping to use NFTs as a tool to reward top-dollar spenders and collectors. For its first reward, StockX held a giveaway of eight Kaws figurines that only NFT holders could enter. The idea of using NFTs as a way of gating-off and rewarding super-fans has been a growing trend, with StockX looking to utilize its strong community of collectors to reward behaviors those people are already engaging in. 
With a heavy emphasis on Vault for its entry into NFTs, StockX’s execution of tying NFTs to sneakers made sense. However, there are a lot of questions remaining about how people are supposed to behave within this marketplace that differs from how other NFT platforms are set up: How are resellers supposed to price-in this “value add” of an NFT? What NFTs will be sold separately from sneakers? Will users be able to resell NFTs they buy off StockX on other platforms like OpenSea? Let’s break down what we know.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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