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StockX to Tie NFTs to Physical Sneakers for New Type of Trading

Sneakers at the StockX office in Detroit, Michigan.

Sneakers at the StockX office in Detroit, Michigan.

Photographer: Jeff Kowalsky/AFP/Getty Images

Sneaker resale marketplace StockX LLC is starting a service that allows users to trade sneakers without ever taking possession of them.

The service, set to be unveiled Tuesday under the name Vault NFTs, uses non-fungible tokens tied to physical products that sneaker traders can buy and sell instantly using blockchain technology to ensure authenticity. Buyers will own the token and the corresponding sneakers and may have them delivered at any time. All the products will be warehoused in one place until final delivery, eliminating intermediary shipping costs and transit times that would otherwise delay transactions for several days.