StockX announces plans to become a fully-fledged stock exchange for trainers
StockX has announced plans to become a fully-fledged stock exchange for trainers, allowing investors to buy and sell them just like traditional commodities.
The footwear marketplace, which hit a market valuation of over $1 billion earlier this year, is reportedly building indices tracking the price of trainers.
These will track what different trainers have sold for in the last 72 hours and display the current ‘share price’ of them for traders, even providing graphs for what they’ve sold for in the past.
“We’re already starting to build those components, you can go on StockX and there’s a ticker that rolls across the bottom,” co-founder Josh Luber told PA.
“You can’t invest in the Jordan index today, but eventually.”
StockX also allows its users or ‘traders’ to value their collection of trainers, just like a share portfolio, and track it against other people’s collections.
Ebay’s former US head Scott Cutler, who recently joined StockX, compared trading a pair of sneakers to a barrel of oil, adding that he believes derivative trading of trainers is a massive opportunity.
“If you looked at the Dow Industrial Average, there are 30 stocks that trade on that,” he said.
“There are 2,500 different securities that trade on those 30 components. We’re not that level of sophistication, but it’s interesting to think about our platform in the same way.”