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Earlier this year, Rares purchased the Nike Air Yeezy sample worn by Kanye West at the 2008 Sotheby’s Grammys for a record $ 1.8 million. Shortly after the transaction, the sneaker investment platform announced its intention to sell shares of the shoes via an initial public offering (IPO) in the near future. For fans who have been waiting to own stock in the shoe, they will finally be able to do so this week.
Today, Rares announced the official launch of the sample Nike Air Yeezy IPO this Saturday, November 6 at this year’s ComplexCon in Long Beach, California. This is how it works.
Users of the Rares app will be able to buy shares of the sneaker just like they would a stock exchange company, with one share costing $ 15. If the platform liquidates the shoe for more than the $ 1.8 million it paid, the Yeezys’ stock owners will benefit from the deal.
“We initially acquired the Yeezy shoe because of its importance in shaping sneaker culture as we know it today,†said Gerome Sapp, co-founder and CEO of Rares. “We are now giving the masses and the people who made the sneaker culture so valuable in the first place, a chance to own some of the culture, in a vehicle of securitized assets. Before Rares and companies like us existed, most sneaker fans would be unable to participate in the potential financial benefit of an iconic shoe like the Air Yeezy prototype.
The Nike Air Yeezy sample along with other sought after sneakers will be on display at ComplexCon this weekend, including a few pairs that will be available via IPO. To learn more about Rares, click here.
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