Police have launched a murder investigation after he was set upon by a group of men believed to be armed with weapons on High Street, near to Asda, just after 1.20am.
He was taken to hospital but was pronounced dead just before 3am.
The authorities have not confirmed the name of the victim, but an online fundraising page has now been set up to raise money towards funeral costs, with social posts linking the name to this tragic incident.
The GoFundMe page has been created by Jordan Jones and says: "Bailey tragically passed away due to a fatal stabbing we would like to raise some money towards his funeral and additional costs to his familys needs/memorial costs.
"If you knew Bailey you know he would do anything for anybody.
"He was a very loved person by many and he always gave the love back he received."
At the time of writing it had raised £570 and people can donate at gofundme.com/f/bailey-atkinson
Tributes have also been paid to him on social media.
Demi Freeth said: "Just wanna say RIP Bailey (cousin).. we grown up from babies.. sleep overs at carols&grays.. playing up.. to now being adults. last time I seen you I didn’t even recognise you only from that smile and your accent you have. such a cruel world we live in!
"Such a young age to leave us all. Hope your resting and out of fear.
"Rest easy till we meet again. I’ll never forget you."
A large part of Walsall town centre was sealed off today and floral tributes were left near to the police cordon.
Police are appealing for anyone with CCTV, dashcam or mobile phone footage showing what happened to get in touch, quoting log 225 of January 28.
Or contact officers via live chat at west-midlands.police.uk, or Crimestoppers anonymously on 0800 555 111.