Trading is a new mechanic introduced in Season 2 of Boxing Beta. Gloves can be traded in-game. Trading is allowed at any level and only allows for glove trading.
Trading allows you to acquire unique and valuable gloves. Some gloves are significantly more rare than other gloves.
How to evaluate glove values
Gloves are color-coded to rarity and have rarity icons in them. Typically you'll need to use chat to figure out what people want.
Discord trading scene
People also use the official discord to manage trading.