sneaker-selling startup is trying to stomp out fakes.
by Savana Moll
1. Some sellers are already making a good living from the marketplace, which sells through a web store and mobile apps. The company says some individual sellers made more than $2 million off the app last year.
2. Counterfeit shoes are one of the biggest problems for the industry. GOAT's screening process has helped it get a foothold in the sneaker community because it takes the burden for detecting fakes off of buyers.
3. Sellers are charged a fee, which goes up or down based on the quality of the experience. A good seller is charged 9.5% and $5 for a shipping label.
4. Sneakers are a big business. Athletic footwear was a $17.5 billion industry in 2016, and resales are estimated to make up $1 billion of that market.
5. Secondary sales are driven by the shoe-loving subculture of "sneakerheads." Decades after Nike released its first Air Jordans, people still lineup outside of boutique shoe stores for hours to buy the latest limited edition sneakers.
6. They sell and trade the collectable shoes through eBay and Craigslist, on social media like Facebook and Instagram, and in real life at consignment shops or conventions like SneakerCon.
