Case in point: A 16-year-old made headlines in 2017 for earning six figures reselling shoes to celebrities like DJ Khaled and Drake. So much so that a limited pair of Jordans or Nikes that retail for $170 can resell for a few thousand bucks. Powered by cloud computing, sneaker selling apps and websites like GOAT, StockX and Grailed have revolutionized how sneaker collectors buy and sell their coveted footwear. Sneaker Selling Apps Step Upįueled by hip-hop artists, celebrities and social media influencers, the sneaker trend has risen to new heights in the digital age. With that kind of cash in play, sneakers are attracting attention not only from fashionistas and collectors, but also from investors, scholars and – unfortunately – fraudsters, whose sneaker scams are being stepped on by cloud-based technology. In a recent study, the bank estimates that number could grow to $30 billion by 2030. Although it represents only a fraction of the market, sneaker reselling has become big business all over the globe and will soon be worth more than $6 billion, according to investment bank Cowen & Co. ![]() Nearly a decade later, the global sneakers market is worth $100billion, a slice of which he owns thanks to Ambition Upstate, a sneaker reseller in Syracuse, N.Y., whose inventory includes more than 200 pairs of collectible footwear. It opened his eyes: This wasn’t just a fun hobby it also could be a business. It’s a big family.”Īfter camping out for the Jordan Concord 11s in 2011, Giarrusso saw a fellow camper flip five pairs for double their retail price in the mall parking lot. ![]() ![]() “I love the culture because it invites everyone in regardless of age, race or belief. “When I first started camping out, I was hanging out with kids my age, but also people six or seven years older than me,” Giarrusso said. A time before sneaker reselling apps like StockX and GOAT dominated the market. There was a time that sneakerhead Nick Giarrusso would camp overnight – rain or shine, sometimes for days – just to get his hands on the latest Air Jordans.
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