Rares to go public with Nike Air Yeezy 1 sneakers in $1.8 mn IPO

The platform founded by former NFL captain, Gerome Sapp, wishes to turn the sneakers into a financial asset. Rares is the first of its kind in its marketplace that allows individuals the ability to invest in collectible sneakers.

In a video shared on the company’s website, Sapp said, “By allowing individuals unprecedented access to these investment-grade sneakers, through a fraction of ownership, we are just providing the culture with a new type of access and opportunity. These amazing sneakers should have the ability to be owned by everyone that loves the (sneaker) culture. The Rares platform has created a new and unique way to allow the masses to invest in Rares and educate them on the investment process, one share at a time.”

“In 2008, Kanye West lit off a new era in the sneaker game by taking the stage of the 50th Annual Grammy Awards in a pair of black leather sneakers like no one had ever seen before. During his performance, sneakerheads spotted the shoes that they’d heard rumors of for years. The Yeezy 1 Prototype would go on to inspire a world tour, launch a multi-billion-dollar brand, and eventually become the most valuable sneaker in the history of the world,” Rares said on its website.

The Air Yeezy I was dreamt up by Kanye and designers Mark Smith and Tiffany Beers in the Nike Innovation Kitchen during two years of intense effort. They combined design elements from several early Jordan shoes and added Kanye’s signature single strap for comfort.

The shoe features a glow-in-the-dark outsole, a translucent red ‘Y’ shaped lace lock, and soft plush leather material. This shoe’s design hammered home the idea that signature footwear should sit at the intersection of premium quality and iconic design.

After touring museums around the world, the Air Yeezy 1 was obtained by Rares in a record-setting deal with Sotheby's, and will be made available to the sneaker community in the summer of 2021, the website added.

Fibre2Fashion News Desk (KD)