Nike hits sneakerhead jackpot with new Travis Scott shoes

Nike Inc.’s new sneaker drop with rapper Travis Scott is among the many hottest shoe releases ever, even because the secondary marketplace for kicks cools off.

Scott’s blue-and-white Fragment Jordan 1 sneakers, which had been made in collaboration with Nike, attracted greater than 4.4 million legitimate raffle entries after going reside on Scott’s web site on Saturday, based on inside numbers reviewed by Bloomberg. In 2022, Nike mentioned it had set a file with one other Scott collaboration, with 3.8 million entries by itself app.

Limited version sneakers are sometimes offered in on-line raffles or lotteries to fight bots and cut back strains. The draw back is that hundreds of thousands of pissed off customers lose the lotteries and aren’t in a position to purchase the products they need.

Scott’s sneakers generate important publicity for Nike every time there’s a new launch, particularly amongst resellers and collectors often known as sneakerheads.

The resale marketplace for sneakers boomed within the early 2020s alongside with the rise of marketplaces comparable to StockX and Goat, turning shoes into another asset class and fuelling gross sales of Nike’s life-style shoes comparable to Jordan 1s and Dunks. Prices have since fallen as a result of oversaturation and market fatigue.

Scott’s newest Nike sneakers are promoting for a lot of instances their $150 retail worth, with listings surpassing $1,700 on StockX.