On StockX, that played out with buyers bidding on items or purchasing them for the lowest asking price from sellers. Once a bid was accepted, sellers shipped their items to one of StockX’s four authentication centers, which makes sure the shoes are not fake brands and then sends them to the buyer. StockX makes money by charging sellers a transaction fee. The company said its revenue more than doubled in the last year, with gross product sales topping $100 million a month. It has expanded into streetwear and luxury goods like handbags and has more than 800 employees.
The site does not carry user profiles and ratings, but includes detailed sales and pricing history for each item, making it more like a stock market than eBay. In total, StockX has raised $160 million, with its newest investors including General Atlantic, DST Global and GGV Capital.
One customer has been Usman Hasib, a 32-year-old in Houston. A sneaker collector since he was 13, Mr. Hasib has used StockX to amass 56 pairs of shoes worth around $25,000, according to StockX’s “portfolio” tracker. He rarely sells his purchases.
“I try to wear a different one every day,” he said.
When Mr. Hasib recently was unable to score Nike’s Off-White Jordan 1 sneakers in retail stores, he paid around $1,050 for a pair on StockX. Prices later surged to nearly $3,000 on the site. “It literally is like playing a stock market,” he said.
This content was originally published here.