MIAMI (CBSMiami) — Sneaker aficionados will go to the limit to get their hands on the rarest and most expensive sneakers. Now technology is connecting a new generation of buyers and sellers, fueling a market worth big money.
Spending six to 800 hundred dollars for a pair of kicks isn’t unusual for a ‘sneakerhead’ like Lucas Fracher.
“I think the most I’ve spent is like $1,500 on one pair, but I mean there are pairs that are worth $30,000,” said Fracher.
Now getting your hands on that rare item is as simple as clicking on an app.
Emeka Anen started Throne three years ago. The app is a marketplace to buy, sell and discover very exclusive and highly coveted sneakers like the Nike Air Jordan 1’s or Yeezy’s by Adidas. This mobile technology is driving a resale market worth more than a billion dollars.
“Sneakers are an appreciating asset,” Anen.
On similar apps, like Stockx and Goat, users are making transactions for at least double or triple the retail price.
Millennials are driving the concept of supply not meeting demand. Today, Throne has 450,000 users and counting.
“At first we thought people wanted to exchange because they wanted sneakers at a lower price,” said Anen. “What we learned is that people wanted to exchange because they wanted to express themselves”
Lucas says that’s what the sneaker culture is all about.
“It’s about the passion. It’s the love of the sneakers,” said Fracher.
He now sells his private collection to celebrities searching for the perfect pair of vintage sneakers.
Ebay says on average it sells a pair of sneakers every 5 seconds.