Last night, reselling platform and sneaker stock market StockX hosted an event open to the public in New York City. Following a keynote speech by founder Josh Luber, the floor was opened up to take questions from the audience. Given the testy climate of the resell market at the moment, one New York reseller had a gripe with Luber and his platform.
The attendee asked the StockX founder what he planned to do about users undercutting prices on the platform. His problem seemed to arise from sellers being able to bid lower than the average market value of certain sneakers. In turn, this lowers the value a shoe has on the site. This type of marketplace differs, for example, from consignment shops like Flight Club and Stadium Goods with set prices that do not allow a "best offer" system. The guest said he felt that only StockX is benefiting from this, but that resellers who use the site are not.
Despite being interrupted a couple of times, Luber kept his cool and handled the situation rather gracefully, while advocating for StockX's free market economics system. "We're a free market. We let the market decide," he said. "We don't stop anything from happening. People can sell [sneakers] for whatever they want to sell them for. People can buy them for whatever they want to buy them for."
Check out the rest of the back-and-forth from the event in the video clips below.