A former NFL player is selling shares of record-breaking Yeezy shoes that were auctioned off for millions.
On Monday, news broke about a pair of Kanye West’s shoes being sold for a whopping $1.8 million at a Sotheby’s auction. The Nike Air Yeezy 1 prototypes were then purchased by an unknown buyer, former NFL player Gerome Sapp. Sapp is the co-founder of Rares, a start-up for investing in rare and valuable tennis shoes.
On June 16, the shoes, which Ye wore during a Grammys performance, will be sold as shares as little as $15. The Yeezys will be sold through Rares’ mobile app.
“The 2008 “Grammy Worn” Yeezy 1 Prototype has officially been acquired by Rares from @sothebys. Go to https://rares.io to learn more about how you can secure shares in the rarest shoe in the world. @nicekicks @ComplexSneakers @NickDePaula,” the company said in a tweet.
Sapp has an MBA from Harvard that he earned during his offseasons from 2003 to 2007. Sapp played in the NFL for five seasons and later co-founded Rares in 2020. Rares allows users to buy and sell valuable shoes as they please through the stock market-like company.
“This sneaker will be qualified by the SEC, so it will be an actual security,” Sapp says, meaning that the SEC would regulate the buying and selling of shares of the sneakers the same way it would other securities, like a stock or a bond. “So in a lot of ways, the IPO and the investment process are very similar to a traditional IPO investment scenario in the real world.”
There has yet to be a confirmed starting offer price for the shares of the Yeezy prototypes, but Sapp says he wants it to start off “in the range of $15 to $25.”
“We wanted to make it definitely affordable…for everyone, but especially the cultures and the communities that really made that sneaker valuable, that really made that sneaker popular, that kind of got priced out between then and now,” Sapp says.
The 2008 “Grammy Worn” Yeezy 1 Prototype has officially been acquired by Rares from @sothebys . Go to https://t.co/MfXh7SA6Gr to learn more about how you can secure shares in the rarest shoe in the world. @nicekicks @ComplexSneakers @NickDePaula pic.twitter.com/NtyU52zr3k
— Rares (@raresapp) April 26, 2021
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