Remember when everybody was excited about the delete future for the stocks application on iPhone? You might feel the need to download the app on your phone again. With the whole bitcoin rally going on, investing suddenly seems to be hip and so are sneakers. What if investing in sneakers is the new it-thing of the moment?
With the second sneaker event in Belgium last week, sneakers seem to get a lot of attention the last couple of months. Sneaker-A-Fair in Antwerp brought Belgian sneakerheads some of the most exclusive footwear and clothing of the moment. Next to sneakerheads who just wanted to get that coolest-kid-on-the-block pair of kicks, others were there to invest their saved lunch money in shoes.
500 percent profit on sneakers
Not only sneaker events occur more frequently, brands such as Adidas or Nike come up with more limited edition collections than ever. People lining in front of stores isn’t weird these days. There even is an online stock market called StockX to buy and sell sneakers and keep track of the market values of shoes while sipping a Daiquiri on the beach.
Instead of investing in market shares from Apple or Google, sneakers are the new way of making money. The most common example is the recently dropped Nike x Virgil Abloh ‘The Ten series’, of which the Air Jordan 1s price premium is 505.8 percent. The shoes are worth five times what they cost in retail price, and that’s just one of many. Sneakers follow the same basic economic principals, but the resale price is determined by hype and rarity.
The condition of the shoe is another big factor in what you can get for them. If you own a pair of deadstock sneakers, tags and box included, you might as well sell them already. The big advantage in reselling sneakers these days is that you don’t have to wait until the market is right to sell them. You can make profit almost immediately after buying them. After all, a sneaker is more wanted than a bitcoin.
Street to boutique
Back in the 90’s, sneakers were something New York City-based. Almost twenty years later, the whole world has its shops where people are lining to spend money. The subculture of sneakerheads became a culture, and high-class brands such as Balenciaga designed their own pair. Not only sneakerheads know the worth of great kicks, designers get it too.
The hype is the biggest factor in how much something is worth. With social media, advertising and propaganda became easier and so did the demand for cool trainers. So if you are considering to invest in Bitcoins, you might as well stop trying to understand the complex world of blockchain and line up for a pair of shoes you’ll never wear.
Photo credit: Undefeated, Nike, Sneakers Magazine, Gregory Babcock