StockX, the self-professed “stock market of things” that currently specializes in sneakers, is continuing to add to its ever-expanding platform with the introduction of the first consumer goods initial public offering.
The IPO will function much like you might imagine, effectively turning StockX into an actual stock market.
“From the day we began working on the ‘Stock Market of Things,’ we’ve been searching for the next ‘thing’ — the next high-demand, limited-edition product we could launch on our exchange,” said Josh Luber, co-founder and CEO of StockX.
After establishing itself in the realm of footwear, StockX is partnering with Roc-A-Fella Records co-founder Kareem “Biggs” Burke to launch a special collaboration as the first StockX IPO.
The collaboration celebrates the 20th anniversary of “Reasonable Doubt,” the debut album by Jay Z (also a Roc-A-Fella co-founder), and will feature clothing from Burke’s Fourth of November clothing brand.
Here’s a brief breakdown of the StockX IPO process. First, pre-bidding will open on an item at a minimum price bid. Next, the items will be sold to the highest bidders based on the quantity available. From there, the owners can do whatever they want with the product, including reselling it on StockX again.
“What I loved most about StockX was the bid/ask trading platform that allows buyers to place bids and sellers to place asks, which essentially supports entrepreneurship on a global scale,” Burke said. “To commemorate the 20th anniversary of ‘Reasonable Doubt,’ I told Jay Z [that] I wanted to do something special that would capture the enthusiasm of our fans with the platform we built together while showing the impact ‘Reasonable Doubt’ has on the world with millennials.”
Pre-bidding for the StockX IPO collaboration with Roc-A-Fella Records is now open.