The Detroit-based online consumer stock market for high-demand, limited edition products, StockX, is now live. Its initial focus will be on the multi-billion dollar secondary sneaker market.
According to a statement, StockX is similar to traditional e-commerce and auction websites where people can buy and sell limited edition products anonymously with stock market-like visibility, and will provide an experience similar to the trading experience on the New York Stock Exchange. Its participants can see information on historical price and volume metrics, real-time bids and offers, time-stamped trades and additional analytics on every sneaker model presented on the marketplace.
The secondary sneaker market will be the focus of the consumer product exchange marketplace, but the company plans to expand to other consumer products that have a burgeoning secondary market. StockX is the brainchild of Josh Luber, who founded the sneaker data website Campless.com in 2012.
“The online secondary sneaker market has been around for more than 15 years, and it has grown exponentially during that time, but up until today, was still using outdated e-commerce platforms designed in the late 90’s,” Luber said in a statement. “The simplicity and sophistication of a stock market is the perfect platform to catapult the industry into present day and well beyond.”
With the launch of StockX, Campless will merge into StockX, and Luber will assume the company’s CEO role.
Luber and Dan Gilbert (Cleveland Cavaliers’ majority owner, founder and chairman of Rock Ventures and Quicken Loans) are the founders of StockX, and have additional investors including high-tech venture capital firm SV Angel and its founder and co-managing partner, Ron Conway, Detroit Venture Partners, Ludlow Ventures and Courtside Ventures.
The company said it expects to have more than 15,000 pairs of limited release sneakers representing 3,500 models and will only allow unworn, preserved, original boxed sneakers to trade on its exchange. The authenticity of the sneakers purchased on the exchange will be verified by StockX’s own authentication process; trades will not be settled until sneakers are verified as 100 percent authentic.
StockX also allows users to create personalized sneaker portfolios by uploading their entire current collection, which will be priced by StockX in real time so the user can see all gains and losses, and compare and contrast their sneaker collection to other users.