Following the sneaker industry’s changes step by step is as good as a full-time job if you’re invested enough. But luckily, the NSB blog is here to help keep you up-to-date on the latest tea! And this time, it’s StockX… again. As StockX removes verified authentic tags from its website, it calls for a trip down memory lane. It’s not the first time the platform becomes the talk of the industry. So what went down then and now? Read on to find out!
A Recap of Some Dramatic Sneaker Events Starring StockX!
StockX vs. The Nike World
It all started with StockX’s NFT Vault that we discussed in detail here. That move didn’t sit well with Nike, which was already preparing for its own entrance into the virtual world. The Swoosh naturally slammed StockX with a lawsuit. According to the brand, the Vault NFTs will “confuse consumers and dilute famous trademarks”. Later on, Nike added to their lawsuit that StockX is selling fake Jordans, and that’s when stuff got saucy.
StockX definitely wasn’t gonna stay silent about all of this, and Nike got a clap back from the platform! First off, the platform’s spokesperson called their accusations “baseless and misleading”. And then, they went ahead and said that Nike employees and execs use the platform to buy and sell sneakers! So here we are, waiting to see how all of this will unfold. But if you wanna know about the story in detail, check this out.
Seller Fees Go Up Up Up!
The times are getting hard, huh? And apparently, StockX is adjusting to the market changes by increasing seller fees and shipping fees. If you’re a level 1 seller today, you’re gonna get a 10% fee (that could drop the higher in level you get.) Moreover, you gotta add the $4 shipping fee and a 3% processing fee. Make sure you check the StockX seller program in detail here. So flipping kicks for a tiny profit isn’t so profitable anymore! You gotta go for the big steppers if you wanna be a sneaker reseller!
So We’re Laying People Off Twice a Year Now?
Oh, you’d think we were done with controversies in the span of one year, but no! So at the end of June 2022, StockX laid off 8% of their employees, aka more than 100 people. And now, 4 months later, another 5% of the remaining employees got laid off. It’s kinda interesting, especially since the platform is growing. These layoffs led to the running joke that StockX is gonna be selling fakes in no time! If you wanna read more about what went down, read this.
A Discount Code Leaked, and Disaster Ensued!
It’s October 2022, and someone leaked a StockX discount code worth $100. And you know how fast news like this travel on social media. This leak led to people making almost (and more than) free purchases on the resale platform. However, that chaos didn’t last long, because StockX got wind of it all, and canceled around 50,000 orders! Now was that the best course of action? Well, this became a hot topic in the sneaker community. You can check out the full story, along with StockX’s statement here!
But Now, StockX Removes Verified Authentic Tags…
…and people aren’t too thrilled about that. This removal is the result of the legal battle between Nike and StockX that we mentioned above. Instead, we’re gonna have a “StockX verified” label. But what does it mean to the average consumer when StockX removes verified authentic tags from the platform? Well, it kinda means that the kicks (or item) in question passed their verification process.
Here’s the trick though, this subtle change doesn’t mean that the sneakers will definitely be authentic. Why? Because technically, nobody can 100% guarantee the authenticity of sneakers in resale. So, unless you scored on Nike SNKRS, you can’t really know whether these kicks are legit. Mind you, some reps look even better than the originals, so you gotta be careful out there!
StockX Removes Verified Authentic Tags – Retail Sounds Great!
It really does! So if you’re worried about buying fake Nike kicks, you don’t have to take the risk. Instead, go get yourself a Nike bot that can give you better chances at a W on Nike SNKRS. And we’ll make it even easier for you because we made a list of the best Nike bots out there!
Now, a bot alone can’t do much, so make sure you know how to prep with this guide. Finally, Nike accounts are a vital part of your botting game, so make sure you leave some budget for them. So now, you won’t have to worry about whether StockX removes verified authentic tags or not! Godspeed
