Eminem Proves Sneaker Love by Jumping in on Detroit-Based Sneaker Stock Market StockX

The King of Hip Hop, Eminem, has been known to love sneakers and his hometown of Detroit. By bankrolling the online stock market StockX, Eminem just met the best of both worlds.

Speaking about his involvement with the company, Eminem has stated that he has been into sneakers ever since he started rapping. Since StockX is into sneakers, as well as being located in Detroit, which has a special place in Eminem's heart, the "Not Afraid" rapper had more reason to support them, Hip Hop Wired reported.

Eminem, also known as Marshal Bruce Mathers III, is one of the personalities that contributed to the company's $6 million funding it needed to continue its services. Other investors include Mark Wahlberg, AOL bigwig Tim Armstrong and Joe Haden of NFL's Cleveland Browns.

According to Fortune, the invested amount will be used by StockX to expand its product offerings. As the Detroit-based e-commerce outfit started with sneakers, it plans to include watches and handbags while improving its main sneaker market. Globally, the sneaker business boasts a $6 billion industry.

Describing the service as a 'stock market of things', Josh Luber, co-founder and CEO of StockX, explained that their service platform connects buyers and sellers through a bidding system similar to the stock market. Aside from being a marketplace, the website, which was launched in 2016, keeps records of US price trends for hot item brands like Nike, Jordan and Adidas.

This is not the first business venture Eminem has gone into. The rapper, also known as "Slim Shady", did some other ventures to capitalize on his fame. Some include Shady Records, Shady Ltd. Clothing and The Marshall Mathers Foundation.

Fans are still waiting for Eminem's newest album, which previously had talks about collaborating with singer Adele on a track. His recent single, "Campaign Speech", talks about then-presidential candidate Donald Trump when it released on October 2016.