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EBay has also been trying to fight the issue, debuting its own Authenticity Guarantee (AG) program in October 2020. In 2021, eBay was designated as the authorized authentication service at SneakerCon, a mobile event catering to sneaker enthusiasts for buying, selling, and trading footwear. On Reddit have shared subpar experiences with its authentication service.
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According to data from 2022, Nike leads the global sneaker revenue with $28 billion, followed by Adidas $13.4 billion. However, within this booming industry lies a lucrative secondary market known as the sneaker resale market. This market is estimated to be worth around $2 billion globally, with prices for rare and coveted sneakers often reaching thousands of dollars. The sneaker resale market differs from the primary retail market in that it is driven by scarcity, exclusivity, and hype.
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