Nike Air Force 1 Sneakers for Jay-Z Resurface on Rares – WWD

Rares, the alternative asset marketplace for sneakers, launched the secondary market on its platform starting with the 2010 Air Force 1 “All Black Everything” sneakers from Nike and Jay-Z.

Launched in April 2021, Rares allows users to buy and trade rare sneaker stocks. The new secondary market trading, according to Rares co-founder Gerome Sapp, allows users to sell stocks to each other “and increase the liquidity of their holdings”.

The 2010 Air Force 1 “All Black Everything” sneakers were created to celebrate the International Basketball Association’s World Basketball Festival in 2010. Five pairs are auctioned on eBay with 100% of the proceeds going to to the Shawn Carter Foundation Scholarship Fund.

“When we created Rares, our mission was to open the sneaker market to everyone, especially those who helped build sneaker culture but were often excluded from its benefits,” Sapp said. “With the launch of secondary trading on the Rares platform, we are continuing this vision, becoming the go-to platform for sneaker enthusiasts and investors in alternative assets. Thanks to Rares, anyone can realize the rise of the market by trading sneaker stocks without needing the funds to own a shoe.

Sapp, the same month he launched Rares, acquired a prototype Nike Air Yeezy sneaker from Sotheby’s for $1.8 million, which set a new record for most expensive sneakers. The sneakers were worn by Ye, then known as Kanye West, at the 2008 Grammy Awards.

A few months after the acquisition, the company secured $4 million in seed funding from MaC Venture Capital and with participation from Cake Ventures, Portfolia Rising America Funds I and II, Evolution VC, W Fund and Gaingels for the product, inventory and team expansion.

Sapp said Rares doesn’t share the total number of users on the platform, but the current number is “in our projections of where we would be at this point when we launched Rares.”

He added: “We have no [year-over-year] numbers to share at this point, as we’ve only been offering IPOs for less than a year. However, we have seen healthy IPO activity on several of our IPOs. »

The company revealed that more sneakers will be available on the secondary platform, such as the original Air Jordan 1 sneakers, the Nike Air Ship, and the Apple Sneaker designed and released especially for Apple employees in the early 90s.

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