Global online resale marketplace StockX announced today that it has opened its first authentication centre in Melbourne.
StockX, with backing from rapper Eminem, model Karlie Kloss and actor Mark Wahlberg, was built on the idea of alternative asset classes, selling high-demand consumer goods through the model of a stock exchange. According to StockX, it is “the only consumer marketplace where demand sets the price”.
The company claims that StockX has become one of the world’s fastest-growing online marketplaces, recently surpassing $3.8 billion in lifetime gross merchandise value (GMV).
The expansion to Melbourne follows growing Australian interest in the resale market. StockX claims that the Australian launch will benefit both buyers and sellers with lower shipping fees and costs, shorter shipping times and faster payouts due to local supply.
According to StockX CEO Scott Cutler, “Not only does opening our doors in Melbourne make for an improved experience for an already engaged, passionate customer base, but it allows us to further deliver on our customer promise to be the world’s leading live marketplace for consumers of current culture.”
The ten top-traded products in March 2021 in Australia on StockX are all Nike, Jordan and Adidas sneakers, with the exception of limited edition Pokemon cards:
- Nike React Phantom Run Flyknit 2 Red Orbit
- Nike React Phantom Run Flyknit 2 White Black
- Nike React Phantom Run Flyknit 2 Flash Crimson Baltic Blue
- Nike React Phantom Run Flyknit 2 Black
- Nike React Phantom Run Flyknit 2 White Pure Platinum W
- 2020 Pokemon Hidden Fates Elite Trainer Box 4x Lot
- Air Jordan 1 Retro High White University Blue Black
- Nike Air Max Plus Color Flip Pack Grape
- adidas Yeezy Boost 350 V2 Core Black Red 2017
- Nike Dunk Low Retro White Black 2021
According to a survey of over one thousand Australians earlier this year by The Harris Poll, commissioned by StockX, nearly one in five Australian adults either have purchased or plan to purchase limited-edition sneakers this year and nearly one in four have already or plan to purchase collectibles this year.
Piper Sandler estimates that the global sneaker market is worth approximately $10 billion today and Cowan estimates that it will grow to $30 billion by 2030.