“Fake Free, Easy Transaction for people”
Growth of Fake Products
As the sneaker resale market is growing, the fake product market has grown explosively as well. According to OECD, based on customs seizure data in 2016, the value of counterfeit goods imported globally was at 509 billion, up from USD 461 billion in 2013 (2.5% of world trade). For the European Union, counterfeit trade accounted for 6.8% of imports from non-EU countries, which is an increase from 5% in 2013. Even, this figure does not include counterfeit products produced and consumed domestically or counterfeit products distributed over the Internet.
Limitations of Current Resale Platforms
The sneaker resale market was established only a few years ago. To prevent transactions in fake products, sneaker resale platforms recruit sneaker inspection experts to examine sneakers’ structure, smell, material, insole, box, and determine whether it is genuine. Despite these efforts, the controversy over the sale of fake products continues. YouTube videos that StockX and other major global sneaker resale platforms sold fakes are constantly being uploaded, and some videos have millions of views.
Out of Stock (OOS) Inspection System
DUNK was created by Out of Stock (OOS) team members to provide a transparent and trustful resale market to people. DUNK can overcome the limitations of current resale platforms by implementing blockchain technologies.
Even before starting the business, OOS knew that a key component of consumers’ use of the reselling platform was the reliability of transactions without worrying about fake goods as an accurate inspection service. Unlike other resell platforms that use most of their capital for marketing, OOS has instead invested in developing advanced inspection systems, including automated inspection technology, and expanded partnerships with global inspection companies. As a result, since the launch of the service in 2018, OOS has produced results that have not achieved any resell platform of 0 fake transactions.