Former NFL player Gerome Sapp has created an app where sneakerheads can go beyond buying collectibles to earn money from their obsession
Sneakers are big business. New or used, sneakers are now becoming an investment tool.
In 2021, auction house Sotheby’s sold Kanye West’s Nike Air Yeezy 1 “prototype” for $1.8 million, making them the most expensive sneakers ever sold at auction so far. West wore them to the 2008 Grammys. The sneakers were acquired by Rares, a company owned by former NFL player Gerome Sapp.
Sapp’s company allows the average person to invest in high-end sneakers as an investment asset. Users of its Rares app can have a piece of the Air Yeezy 1s, for example, for as little as $25.
The Rare Platform allows users invest in fractional shares of value sneakers.
In the case of the Yeezy sneakers, “We split this sneaker into 72,000 shares and we’re offering it for $25 per share,” Sapp said. “So for $25 you have the chance to own a piece of history.”
According to Sapp, Rares can make it easier for people to invest for smaller sums of money.
“You don’t need to be an accredited investor to use our platform,” Sapp told Insider. “You don’t have to be a millionaire.” The average income for Rares users is closer to $82,000, he said.
“That’s a good thing, because it means a different socio-economic class is using our platform.”
Rares, Sapp said, is also an avenue for young black investors. It’s also a way for them to take advantage of a culture they helped to create: sneaker culture.
“The cultures and communities that made the sneaker industry what it is today – that made it popular and valuable – were at some point excluded from secondary appreciation of these sneakers,” he explained.
“We’ve created a simple, easy-to-use marketplace that you can access from a mobile app or the website and literally enjoy the secondary appreciation of these sneakers.
Learn more about how investors can make money investing in sneakers with Finurah’s full story here.