Detroit has finally got its very own unicorn company. It’s a millennial-focused, hip trading platform for sneakers that intends to start a platform resembling a stock market for rare items. StockX, which is an online platform for rare sneakers including Yeezys and Jordans, will allow its users to start tracking the valuation of shoe collections in a way similar to asset portfolios. Brands will also be able to conduct IPOs for their new releases.
Back in Jun, the company had surpassed an extraordinary milestone. It was valued at over a billion dollars after its last venture capital round was conducted, which happened to be the biggest ever in Michigan state history, as per PitchBook, a data provider.
At the moment, the firm intends to grow by leveraging upon the current sneaker craze. It is planning to eliminate all retail pricing systems completely instead of sticking to limited-edition things alone.
Josh Luber, former CEO and co-founder at StockX stated that demand levels have always merely been an estimate, a forecast, or a projection based on the previous year’s figures. However, a stock market doesn’t work that way. Both supply and demand levels are well-known to all the parties that are involved, he said. He is currently serving on the company’s BOD and leadership team.
He stated that someone purchasing Nike Stock would find that there’s a price for the company’s stock and there’s a ticker symbol unique to the company as well. It is a very standardized system. This is the same strategy that they were going to use. They would be taking consumer goods and trading it on a real-time basis in a special stock market.
This website was launched in 2016 and started its operations with footwear products. Sneaker fans went gaga over it. Ever since then, it has grown at a rapid pace and has entered over 200 countries across the world.