Earlier this year, Rares bought the Nike Air Yeezy sample worn by Kanye West at the 2008 Grammys from Sotheby’s for a record-breaking $1.8 million. Shortly after the transaction, the sneaker investing platform announced its plans to sell shares in the shoes via an initial public offering (IPO) in the near future. For fans who have been waiting to own shares of the shoe, they will finally be able to do so this week.
Today, Rares announced it will officially launch the IPO of the Nike Air Yeezy sample this Saturday, Nov. 6 at this year’s ComplexCon in Long Beach, CA. Here’s how it works.
Users on the Rares app will be able to purchase shares of the sneaker just like they would for a company on a stock exchange with one share costing $15. If the platform liquidates the shoe at a higher price than the $1.8 million it paid, owners of shares in the Yeezys will profit from the transaction.
“We initially acquired the Yeezy shoe because of its importance in shaping sneaker culture as we know it today” says Gerome Sapp, the Co-Founder and CEO at Rares. “We are now giving the masses and the people who made sneaker culture so valuable in the first place, a chance to own a piece of the culture, in a securitized asset vehicle. Prior to Rares and companies like us existing, most sneaker fans would be unable to participate in the potential financial upside 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.