Labelled “the stock market of things”, StockX is the billion-dollar marketplace that, up until very recently, Australia has not had access to.
Originally launched in 2016, StockX has quickly become the belly of the hype beast, supercharging a world of alternative asset classes as the number one place to sell and score super rare sneakers, as well as stacks of other highly coveted limited-edition products—like Bearbrick collectibles, Takashi Murakami skate decks, Balenciaga handbags, and Supreme gear too.
StockX officially launched in Australia in May with an authentification hub set up in the country's unofficial sneaker kingdom, Melbourne.
So, keen to get your foot in the door and start buying and trading on StockX? Here, we caught up with senior economist at StockX, Detroit-based Jesse Einhorn to get the full low-down on how to buy and sell on the platform, as well as what it's like working at StockX and what's trending big in the world of sneakers (hint: it's not actually a sneaker).
Can you tell us a little bit about your role at StockX? What does a regular day look like for you?
As StockX’s senior economist, I’m responsible for analyzing and synthesizing StockX data for the purpose of public-facing storytelling. So I spend a lot of time staring at numbers—monitoring price changes and emerging trends and then communicating those insights to the public. It’s a bit like being a financial analyst, but for Nike Dunks and KAWS collectibles instead of stocks and bonds.
What would be your best piece of advice for any Aussies accessing StockX for the first time?
For those that don’t know, StockX is the leading online marketplace for highly-coveted, limited edition products such as sneakers, apparel, accessories, collectibles, and electronics. Every item on our platform undergoes a rigorous verification process before it is shipped to the buyer. Today we have a global team of more than 300 authenticators worldwide.
StockX is the only consumer marketplace where pricing is based on supply and demand and we offer unprecedented market visibility through data. For each product on our platform, we tell you how many people have purchased, how many are for sale, and a complete price history, so you can determine the fair market value and see how valuations have changed.
My number one piece of advice is to take advantage of that visibility. Use the data and analytics we provide to your advantage and make informed decisions.
Ok–so what would be your top tips for buying on StockX?
- Anyone looking to buy on our platform should dig into the price history, volume metrics, and other product-specific data we provide. StockX makes it easy for buyers to stay educated and informed. We offer real-time pricing data for every product in our catalog, and with that knowledge comes confident purchasing decisions.
- It’s also important to understand the underlying supply-demand dynamics. The secondary market follows fairly predictable rules and patterns. Prices tend to be lowest when products first release and supply is greatest, and then they tend to gradually appreciate over time as supply diminishes. There are of course exceptions and anomalies, but generally speaking, if you watch the market carefully, you can time your purchase to ensure the best possible price.
With StockX, you’re in control. You can "Buy Now" at the lowest ask, or you can place a lower Bid at your desired purchasing price. With real-time updates on your Bid, you’ll be informed at every step of the purchasing process making it easy to stay on top of the products you’re looking to buy.
And your must-dos for selling on StockX?
- In order to maximize resale value, it is critical that sellers keep products in deadstock (new) condition. At StockX, we only accept deadstock products, which means that all sneakers, apparel, accessories, collectibles, and electronics must be authentic, new, and unworn.
- It’s also important to note that our authenticators aren’t just determining if products are real or fake -- they also ensure products meet the highest standard of quality. In addition to judgments of authenticity, a product can fail to meet our standard for a number of reasons, from the fact that it has been worn, is the wrong size, is missing accessories, or has a manufacturer defect.
Without a doubt, StockX is the easiest platform to sell current culture products and get paid fast. Our platform offers an easy, frictionless seller experience where you don’t have to take product photos, write descriptions, or put in additional work to sell. There are no seller ratings to worry about or qualifications to meet.
Anyone can sell, and everyone sells on an equal playing field. All you have to do is simply name your price in the form of an Ask, or accept an existing Bid and sell immediately.
What are some of the craziest or most surprising trends you've seen on StockX lately?
We actually just released a report on pandemic-era trends, many of which we expect to continue. One notable trend has been Crocs. A few years ago, Crocs weren’t even on our radar. Today, they are among the most popular brands in our sneaker marketplace. We have some pairs listed for upwards of $700, and the average resale price for Crocs is up 70% year-over-year. In 2020, the volume of Crocs trades grew 750%, and they show no signs of slowing down.
Lastly, can you share a hot tip on the next big thing?
One of the biggest trends to emerge in the past year has been the rise of Jordan 1 Mids. Traditionally, the Mid silhouette was disdained by many avid sneakerheads. But lately, its popularity has exploded—especially in Australia. Among Australian buyers last year, the Jordan 1 Mid Chicago Toe ranked as the #1 best-selling sneaker overall, and four of the five best-selling Air Jordans were Mids. And because they tend to release at a lower retail price point, Jordan 1 Mids typically fetch a hefty resale premium. For sellers looking to turn an easy profit, the Mid is an attractive pick, and as demand continues to grow, so will their resale value.
Jump on to StockX right here.
Now, wrap your head around the crazy world of NFTs with this detailed explainer.
Image credit: StockX
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