Online sportscard marketplace StarStock has suspended its intake of raw cards and some employees have lost their jobs as the business looks to new revenue streams.
The New York-based company launched in late 2019 and quickly built a following by allowing users to submit ungraded cards that are stored in a centralized vault. Buyers can then buy and sell from the platform while the cards remain in StarStock’s possession.
In a letter to customers, CEO Scott Greenberg says the company will restructure its operations “to focus more heavily on graded cards, wax, new collectible categories and our live streaming business.”
StarStock indicated that it was two to three months behind on processing submissions that have been made to its marketplace but would continue to process raw cards that had been received to date. It also indicated collectors who had cards en route to Star Stock could have them returned at no cost.
StarStock currently has over 1.5 million cards on its marketplace, primarily rookie cards in all sports that have been issued over the past several years. They’re priced based on a grade assigned by StarStock.
The company indicated it had made cuts to its work force as part of its restructuring efforts. Greenberg said Monday that 33 workers had been let go, “a little less than half” of the company’s entire staff.
Since launch, the company has received multiple rounds of funding from outside investors totaling over $10 million. Several professional athletes were among the investors including Kevin Durant and Trae Young. In October, it signed a partnership deal with CSG for graded card submissions.
Prior to Sunday’s AFC Championship Game, someone upped their offer for the 2017 Panini Flawless Emerald Rookie Patch Auto of Patrick Mahomes that’s been on Collectable’s platform since last March.
The buyer probably wasn’t anticipating a Chiefs loss, but the offer stands and shareholders are now voting on whether to accept.
Earlier this week, Collectable announced a $100,000 buyout offer, which was surpassed by the $115,000 bid.
Numbered to 5, the card was originally offered on Collectable for $79,500 ($20/share). Trading has been flat since IPO.
Joe Burrow cards have been rising all season and taking his team to the Super Bowl certainly won’t hurt. He already has a college championship under his belt and just turned 25 in December.
Here’s a look at the most watched Burrow cards on eBay right now.
Burrow signed an exclusive autograph deal with Fanatics in April of 2020 and the company already has signed Super Bowl helmets, footballs and other items for sale on its website.
Fanatics also has deals with Ja’Marr Chase and kicker Evan McPherson, who has hit two game-winning field goals to put Cincinnati into the Super Bowl for the first time since 1988.
Auction prices are up. The eBay market for them is strong and the rest of the world is starting to notice. Here’s a story and video from the Boston Herald on the hot market for sports tickets.
Even if your career was a short one, if you played for a team that history remembers, autograph collectors are going to find you.
Pitcher Jack DiLauro appeared in only 65 games over parts of two seasons but his first year coincided with the 1969 New York Mets and if you want to tell the team’s story through autographs, DiLauro is on the list.
Now 78, the Akron, OH native chatted about the autograph requests and his career with the local newspaper.
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