Investing in limited edition sneakers and clothes
NEW YORK (FOX5NY) - If stocks and bonds aren't your thing, how about investing in limited edition sneakers and clothes instead? StockX, a Detroit-based trading platform lets you bid on gear---the same way you'd bid in a traditional stock IPO.
StockX launched in February to serve the $6 billion sneaker resale market, but it just announced a partnership with Roc-A-Fella Records co-founder Kareem "Biggs" Burke to offer exclusive merchandise from Biggs' Brooklyn-based Fourth of November line.
The limited edition Fourth of November products on StockX will celebrate the 20th anniversary of Jay Z's debut album Reasonable Doubt. The legendary album dropped on June 25, 1996 and launched the hip-hop mogul's career.
So how does StockX work? It's just like an initial public offering on the New York Stock Exchange. Pre-IPO, you can bid on clothing and sneakers on StockX starting at a minimum bid price.
On the IPO date, the goods are sold to the highest bidders.
Post-IPO, buyers get their stuff and can re-sell them like stock to other interested buyers. A sale happens when a buyer's bid matches a seller's asking price.
StockX was co-founded by Josh Luber---who calls it a 'Stock Market of Things.' His co-founder is Dan Gilbert, the founder and chairman of Quicken Loans, and a majority owner of the Cleveland Cavaliers.
In June they announced a partnership with Eminem---who said he'll be putting some of his personal sneaker collection on StockX.
StockX helps collectors make smart purchases, by offering authenticated products, as well as historical price data and market analysis.