In this engaging conversation, we sit down with Jesse Einhorn, co-founder of Ghostwrite, a rising name in the collectibles space. Ghostwrite, founded in 2022 alongside Josh Luber, known for creating StockX and co-founding Fanatics Collectibles, aims to redefine how collectibles are designed, released, and valued. With a background steeped in the worlds of sneakers and trading cards, Jesse brings a wealth of experience to this venture. Here, he shares the story behind Ghostwrite’s inception, its innovative approach to crafting collectible toys, and the unique Blind Dutch Auction model that’s turning heads in the industry. From the challenges of balancing scarcity and growth to the cultural storytelling at the heart of their products, this discussion offers a deep dive into the ethos driving Ghostwrite’s mission to create “true collectibles” in a crowded market.
Ghostwrite is new in the space, how did it come about, and what are you aiming to achieve with it?
Ghostwrite was founded by Josh Luber, who previously created StockX and co-founded Fanatics Collectibles with Michael Rubin. StockX was his first big venture in this space, followed by Fanatics Collectibles, and Ghostwrite is his third. I’m a co-founder of Ghostwrite and have worked with Josh across all his companies. That’s my story and the company’s origin. As for the “why” … Josh and I have been in this space, sneakers and collectibles, for nearly a decade. StockX and Fanatics Collectibles are industry leaders in sneakers and trading cards, respectively. With Ghostwrite, we wanted to start small and build a brand from scratch. At larger companies, once you reach a certain size, it’s tough to innovate or pivot. They do one thing extremely well, but shifting to something like collectible toys is nearly impossible. So, we saw an opportunity to create something new.
All great collectibles tell stories. Whether it’s the Air Jordan 1 capturing Jordan’s rookie season, LeBron’s rookie card, or Virgil Abloh’s twist on Nike classics, they’re platforms for cultural narratives. At their core, sneakers and trading cards are canvases for collaboration and storytelling. A Jordan 1 can become an Off-White or Travis Scott version – same canvas, different story. Trading cards are even more versatile: a piece of cardboard that can feature any sports figure or Star Wars character, turning it into a cultural vehicle.
We chose toys because they’re big enough to matter but not so oversaturated that it’s impossible to break through. Sneakers and trading cards are massive industries where creating something truly new is tough. Toys offered a sweet spot, a space that matters but still has room for innovation. The three-dimensional aspect was key. We wanted a toy that could be the ultimate blank canvas for storytelling, recognisable yet versatile enough to work with various brands, designs, and characters. It can’t be so distinct that it overshadows the collaboration. That was a challenge. We spent a year and a half iterating on designs to find the perfect balance: a silhouette that’s iconic but agnostic, immediately recognisable yet subtle enough to adapt to a wide range of stories. This figure is what we landed on.
What differentiates a toy or figurine from a true collectible?
That’s the million-dollar question! Even the word “collectible” has become watered down, almost meaningless, the phrase “limited edition”, everything’s limited these days. We use “true collectible” to signal a distinction, though it’s tricky when the language itself is so overused. Beyond that, a true collectible has to tell a culturally significant story, capturing a moment, a brand, or an athlete that endures over time. Brand collaborations matter, but so does scarcity and intentionality. It can’t be so mass-produced that it feels like a commodity. There needs to be a barrier to entry, something that makes it special.
The hype cycle moves fast. How do you handle a fatigued market?
I don’t have a perfect answer, but the best safeguard against the hype cycle is to not chase it. Don’t play the game. Make cool, meaningful stuff you care about, and do it intentionally. You can’t be on top of every trend or always do the coolest thing. Focus on what matters to you. Be deliberate about scarcity, storytelling, and transparency, those are your tools. We took lessons from sneakers and trading cards: clear supply numbers, no restocks, no re-releases. That’s a core tenet of Ghostwrite. A collectible can’t always be available from the brand. There has to be a barrier to entry. The secondary market, like StockX or eBay plays a key role, letting collectors trade and complete their sets. We don’t block that; it’s vital to the ecosystem. But as a brand, we say, “This is your one shot. No restocks.” That builds trust.
At the end of the day Nike makes shoes, not collectibles. They’ve created iconic sneakers, but their goal is mass consumer products. When they restock to boost profits, there’s no “chief collectibility officer” saying, “No, that hurts collectors.” Most brands accidentally make collectibles, which is cool, but it leads to contradictions, restocks, oversaturation, that violate the collector-brand trust. Few are self-consciously collectible brands like we aim to be.
Early on, it must be tempting to oversaturate a good collaboration, like your Eastside Golf or Hidden.NY drops. How do you resist making more?
It’s a real temptation! You think, “Why not make another hundred?” But you have to stick to your principles. We’ll do another Eastside Golf collab, but it’ll be a new design, not a re-release. Every Ghostwrite figure has a number, date, and total made on the bottom. For example, the NBA Ghost is marked “dot 100”, which shows that only 100 of these figures exist. We sold about 60, gifted or archived the rest. That design is done forever. That’s how we signal finite supply and stay true to our rules.
You’ve got an archive already? That’s calculated, keeping pieces for reference or longevity?
It’s intentional. Consumer goods companies, like Bounty paper towels, don’t archive old products; it’d be silly. But collectible brands should. Even iconic trading card companies like Topps didn’t historically archive well: they don’t have a company archive of cards from the ‘60s or ‘70s. That’s because at the time, they didn’t see themselves as a collectible brand. They were just making stuff for kids. We’re different. We archive to protect the brand’s longevity and have those reference points.
Some people buy for products for status, andbut that only works if it has real cultural value. It’s not always what the brand intends. Take original iPhones or iPods, now selling for $30,000 sealed. Apple didn’t plan that; they make mass electronics. But their brand’s prestige turned those into art-like objects, where owning one signals creativity or influence. Apple’s nailed that association, and we’re aiming for something similar.
Your fellow co-founder has discussed the hype economy at length. How does that play a part in Ghostwrite?
Josh and I are writing a book, out next year, about the hype economy. We’ve researched its history, and brands like Apple show up. When Steve Jobs launched the iMac in five colors, he said, “You’ll want to collect them all.” Wild for a consumer product! He saw their collectible potential, and now they’re eBay gold. It’s not always intentional, but that’s the hype economy, where culture, scarcity, and branding collide.
How do you scale this? As you grow, everything’s selling out. Do you increase quantity, collaborations, or price?
Instead of a fixed price, people bid for three days. For 100 items, the top 100 bids win, but everyone pays the lowest winning bid. If the lowest winning bid is $500, then the person who bids $1000 will only pay $500. It’s novel: we might earn more than a low retail price, and the economics ensure secondary market value. This NBA Ghost cleared at $503; now it’s reselling on StockX for just under $1,000.
It’s about staying intentional, balancing scarcity, storytelling, and growth. We’ve got more to figure out, but that’s the path we’re on. What’s also cool is we’ve partnered with StockX as our official resale platform. You can sell ghostwrite figures anywhere, but on StockX, we provide the right images and ensure their authentication and operations teams know what to look for. It’s a solid collaboration.
We’re not just doing it because we’re nerds who love weird economic auction models, though we do. With collectible products, you’re selling something in limited supply. As a brand, you want it to sell out; you want demand to exceed supply. But how do you price it? No brand can perfectly guess that. The best way is to let the market decide.
Look at sneakers. In 2016-2017, Nike and Adidas made relatively small runs compared to demand. They sold out instantly, and resellers flipped them on StockX for ten times retail. So, they increased supply, more runs, more collabs. Prices came down, but now stuff sits on shelves. It’s no longer collectible or exclusive. Brands struggle to predict supply and demand, and getting it wrong kills the hype. Our auction model solves that for us by letting the market figure it out.
