Rapper Eminem is putting some of his millions into a new business venture that is aiming to be the “Stock Market of Things.”
The rapper and his manager Paul Rosenberg are partners and strategic partnership with a Detroit-based business called StockX, which is a new online trading platform for limited edition products.
StockX powers a marketplace that allows live bid/asks and trades, when a seller’s ask price meets a buyer’s bid.
The first vertical StockX is targeting is the sneaker resale market.
“Sneakers have always been a huge interest of mine, for at least as long as I’ve been rapping, and I’m proud of the fact that I’ve had so many collaborations with Nike and Jordan Brand,” Eminem told AllHipHop.com in a statement. “I really like the fact that sneakers are a big part of what StockX is doing. When I found out that they happen to be doing it from downtown Detroit, it made even more sense to get involved.”
As part of the launch, StockX will have access to rare personal sneakers from Eminem’s personal collection, including a pair of Eminem + Carhartt Jordan 4, which can fetch up to $30,000.
In addition to Eminem and Paul Rosenberg, StockX is backed by other heavyweights. The CEO is former IBM executive Josh Luber and Dan Gilbert, the founder and chairman of Quicken Loan and owner of The Cleveland Cavaliers.
“We believe in the power of StockX to change the way people buy and sell things online and look forward to helping Josh Luber and the StockX team make that future a reality,” added Rosenberg.
The platform is currently open in the United States but is expected to launch in other countries will very soon.