eBay cuts sneaker seller fees

Since last Tuesday, eBay's North American customers will no longer have to pay commissions for sneaker purchases costing or more than 100$. For the occasion, a series of drops and auctions dedicated to this year's best releases will be organized on the site. Today it's up to the Yeezy Boost 700 "Salt". The e-commerce site, which previously charged up to 10% to sellers, announced the news in a press release:

"eBay continues to be a top source for emerging and collectible styles, and with high demand, we want our sellers and buyers to get in on the action,For our community of diehard sneakerheads, eliminating selling fees allows them to turn their kicks into more cash to fund future purchases, and results in a more robust sneaker inventory for shoppers everywhere."

In 2019 alone, about six million sneakers were sold on eBay, and there are currently nearly 1.5 million ads on the platform related to shoe sales. The new move will allow eBay to gain a prominent place in the booming secondhand sneaker market. Investment bank Cowen estimates that this secondary market will grow to USD 6 billion by 2025, up from USD 2 billion in 2019. If we think that this summer, StockX, one of the new and major players in the industry, has been valued at 1 billion dollars and that Foot Locker invested 100 million dollars in GOAT in February, it seems normal that eBay also wants to keep up with its competitors. 

To celebrate the new policy, the site, in collaboration with Stadium Goods, launched the "Week of Sneaks" initiative, a series of drops involving various Yeezy Boost 700 models at a price of USD 215. Today, Friday, December 20th,of the Yeezy Boost 700 "Salt", while during December other cult models will also be available such as Nike x Sacai LDWaffle or the Air Jordan x Travis Scott collabs.