These are called vIRLs and because they can be traded instantly they are worth more than physical sneakers on sites like Stockx. The same pair of sneakers are often traded several times a day or even occasionally several times a minute.

From the FAQ:

What can I do with my vIRLs?

Instant-Sell: Get cash back for your vIRLs - instantly. Instant-Sell your vIRLs to OPSkins and have cash in your bank account within minutes. You can also cashout to cryptocurrency like Ethereum, bitcoin, or WAX tokens.

Sell on a marketplace: List your vIRLs for sale on a marketplace like OPSkins without ever taking physical possession of them. No storage, no shipping, no hassle..

Instant-Gift: Gift a vIRL to anyone in the world with just a few clicks, immediately after unboxing it. Visit WAX ExpressTrade to start gifting..

Trade: Swap your vIRLs for any other items that trade on WAX ExpressTrade including everything from video games to V-Bucks, sneakers to skins, gift cards to game items. .

Redeem: Ship your vIRLs to an address. Visit OPSkins.com to complete the redemption process.