eBay sneaker authentication is going in-house after the marketplace acquired the business from Sneaker Con last Wednesday. eBay offers an authenticity guarantee for certain select sneakers that sell for over $100, but as we reported in the spring, demand for authentication overwhelmed capacity.
eBay announced the acquisition of Sneaker Con Digital from its partner today (November 29th) but did not provide transaction details. It said the deal furthers its vertical expansion strategy in sneakers and offers customers added confidence in the purchase of high-value items. Through its sellers, eBay offers over 1.9 million pairs for sale daily.
Sneaker Con had launched its authentication business in 2018 and expanded operations in the US, UK, Canada, Australia, and Germany. It will remain independent and will continue to hold events for sneaker enthusiasts.
eBay launched its Authenticity Guarantee in partnership with Sneaker Con in October 2020, and in just over a year has authenticated 1.55 million sneakers worldwide.
eBay executive Jordan Sweetnam said in today’s press release, “eBay has always been a vibrant community of enthusiasts, with deeply knowledgeable buyers, sellers and employees. We partnered with Sneaker Con to launch sneaker authentication on eBay last year because the team shared our passion for the category – with best-in-class capabilities to deliver what our customers want most. The response to our authentication offering has been overwhelming, and this acquisition allows us to continue to transform eBay and bring a higher level of trust and confidence to every transaction.”
eBay reported that its buyer base is shrinking (active buyers were down by 5% at the end of September), but it has been doubling down on its strategy of targeting “high value buyers” whom eBay says spend more across its platform. High value buyers represent 20% of eBay buyers and account for about 75% of GMV (sales), according to the marketplace.