Nike hits sneakerhead jackpot with new Travis Scott shoes

Nike Inc.’s new sneaker drop with rapper Travis Scott is among the most popular shoe releases ever, even as the secondary market for kicks cools off.

Scott’s blue-and-white Fragment Jordan 1 sneakers, which were made in collaboration with Nike, attracted more than 4.4 million valid raffle entries after going live on Scott’s website on Saturday, according to internal numbers reviewed by Bloomberg. In 2022, Nike said it had set a record with another Scott collaboration, with 3.8 million entries on its own app.

Limited edition sneakers are often sold in online raffles or lotteries to combat bots and reduce lines. The downside is that millions of frustrated shoppers lose the lotteries and aren’t able to buy the goods they want. 

Scott’s sneakers generate significant publicity for Nike whenever there’s a new release, especially among resellers and collectors known as sneakerheads. 

The resale market for sneakers boomed in the early 2020s along with the rise of marketplaces such as StockX and Goat, turning shoes into an alternative asset class and fuelling sales of Nike’s lifestyle shoes such as Jordan 1s and Dunks. Prices have since fallen due to oversaturation and market fatigue.

Scott’s latest Nike sneakers are selling for many times their $150 retail price, with listings surpassing $1,700 on StockX.

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