The sneaker reselling business is worth an estimated $1 billion, (SOURCE) fueled by the so-called ‘hypebeast culture’ wherein individuals are driven to pay for products at above-retail prices just to impress others.


The market is driven by the artificial creation of scarcity coupled with the hyper-inflation of a products desirability due to the advent of marketing techniques such as social media influencing and limited collaborations with popular culture artists i.e. Kanye West and his collaborations with both Nike and Adidas in producing the so-called ‘Yeezy’ footwear.


Scarcity is created by re-sellers who go through extraordinary lengths to keep sought after products out of the hands of the ordinary retailer and funneled through themselves, employing methods such as:


Back-Dooring – an arrangement with a footwear retail store wherein they purchase products in bulk at retail price before the doors open to the general public.


Bot-Buying – whenever new products are released to the public via a retailer website at a specified date and time, automated programs are used to go straight to the checkout basket with pre-specified
prices. (SOURCE)


Using Runners – paying other customers to purchase on the behalf of a re-seller because if a retail store is discovered by a manufacturer such as Nike to be actively assisting the secondary (and more lucrative) market of reselling; the store could be blacklisted from selling their merchandise.


Secondary Problem


Counterfeit goods have always been an issue in the fashion industry, however, the frenzied buying activities around popular sneaker releases has seen a marked increase around the counterfeit production of coveted
products which are often touted to unsuspecting retail buyers around store locations and enter circulation more easily due to less scrutiny – actions that result in the loss of millions in revenue to companies such as
Nike – (SOURCE).

There exists a need to do the following:


• Create a unified approach to the management of employing runners to accumulate products on the behalf of re-sellers.
• Create a trusted and globally unified verification system to ensuring the authenticity of products sold by re-sellers are genuine.
• Decentralize the centralization of products and employ a fairer and more sustainable approach to the acquisition of footwear (and other products in future) by customers.
• Unlock the stored value locked in scarce products on offer by re-sellers to present new market
opportunities.


Sole Money is launching a new type of organisation called a DAO (Decentralised Autonomous Organisation) which is an organisation made up of various known or unknown parties bought together for a common
purpose whose rule structure is governed by a programmed and immutable application called a Smart Contract.


We have built the app using the web3 protocol Ethereum, as it enables the creation of a unique set of software licences which we have named the SOLE coin which enable the bearer of the coin to interact with the app.


The reason we have developed SOLE is because currently the re-selling industry lacks innovation in its approach to the market – everyone does exactly the same thing as each-other the major difference between
competitors being: clientele and access to inventory.


SOLE seeks to become a common denominator between all disparate groups of re-sellers and act as a tool to create ERC721 digital assets to represent ownership stakes in exclusive and limited footwear and apparel.


SOLE and SOLEMB

SOLE enables the user to access and unlock various features of the app, including but not limited to:


• Create digital representatives of purchased re-seller inventory for trading on the blockchain.
• Access and purchase exclusive re-seller inventory via ‘Sneaker Drops.’
• Act as a representative for value exchange (money) between re-sellers who accept SOLE as a new type of digital currency.


SOLEMB is different from SOLE as it is a membership licence for the DAO and there are only 20 created whereas in comparison there are 20 million SOLE. The bearers of the SOLEMB are incentivised to become members of the DAO as they receive a percentage of SOLE collected during ‘Resoled Drops’ as a dividend, which over time will result in the SOLE liquidity dropping, so it will be up to DAO members to re-introduce supply back into the market via TRE’s (Token Reissue Events) or OTC (Over the Counter) as their own digital products in exchange for either fiat or another cryptocurrency.

Please refer to FAQs for further information.