Laced is a new sneaker app that is aiming to take the power away from resellers, with hopes of awarding everyone the same shot at landing a release for a fair price.

The app works similar to an auction. Each individual auction runs on a countdown, as users in turn submit their bid one at a time. When a bid is entered, the timer resets. The price of the sneaker then goes up one cent each time someone bids. The winner is the person who bids last when the time expires. At the end of the auction, the winner is given the chance to purchase the shoe at the discounted price. All others are awarded credits to use in the rewards store.

Today, Saturday June 2, Laced is offering sneakerheads the chance to win a pair of Virgil Abloh-designed Nikes. To be exact, the winner will receive a size 12 Off-White x Nike Air Vapormax in Black. The auction starts at 6 p.m. ET, so don’t miss out.

As an added bonus, when you share the app with friends, you give and receive five free bids. Also, use code "HIGHSNOB" for a chance to get additional bids when signing up.

For more on Laced, head on over to the app's website.

Now, be sure to check out NYC retailer Reign and their new sneaker release program.

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