LAS VEGAS--(BUSINESS WIRE)--Rares, the social investing platform and the first alternative asset marketplace exclusively for sneakers, is excited to announce today that on Saturday, November 6th, it will officially launch the IPO for the Nike Air Yeezy 1 prototype during this year’s ComplexCon convention in Long Beach, CA. Rares previously acquired the Air Yeezy prototype, for $1.8 million at a private auction. This set a new world record for the most expensive sneaker ever sold in a private sale.
At ComplexCon, the yearly pop culture festival, Rares will feature the actual Yeezy shoe at a curated booth, along with other never-before-seen sneakers from its collection. Attendees will have front row access to some of the world’s most coveted sneakers, with a few pairs available via IPO. “As we continue our mission of turning sneakers into an investment asset class, it is important that the message and conversations are being had at culturally significant events such as ComplexCon,” says Gerome Sapp, Rares Co-Founder & CEO.
Investors who wish to participate and buy shares can do so by heading to the Rares website or app and setting up a user profile. Users will then have a chance to fund their wallet for their stock purchase. “Funding your wallet in advance ensures that the funds are settled in your account by the time the IPO window opens,” explains Hector Tantoh, Rares Co-Founder and CMO.
Launched in April of 2021, Rares has taken the concept of traditional investing and merged it with the highly sought-after sneaker market to create a one-of-a-kind platform where users can buy and sell shares of the highest valued sneakers in existence. Its goal is to financially empower the sneaker culture and its participants.
The company recently announced a $4 million dollar seed round in funding, led by Mac Venture Capital. “We initially acquired the Yeezy shoe because of its importance in shaping sneaker culture as we know it today,” says Sapp. “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.”
About Rares
Rares is an innovative social investing platform and alternative asset marketplace exclusively for sneakers. Regulated by the U.S. Securities & Exchange Commission (S.E.C.) it provides a safe and secure environment for sneaker investors to buy and trade fractional ownership of extremely rare assets (i.e. sneakers). It is the only S.E.C. regulated stock market exclusively for sneakers.
For more information or to schedule some time with the Rares team at ComplexCon please email press@rares.io.
