Basketball legend Michael Jordan will join the non-fungible tokens (NFTs) sector. Per a report by BasketballNetwork, the six-time NBA championship winner with the Chicago Bulls launched a holding company called Heir Inc.
Related Reading | NFTs In A Nutshell: A Weekly Review
In cooperation with his son Jeffrey Jordan, Daniel George, and Jeron Smith, Heir was created to “usher in a new era of digital culture”, according to the project’s official website. The platform was created and designed as a bridge between athletes and “culture creators” with their fans worldwide.
The platform will be membership-based with NFTs as a backbone of the new digital experience that Heir seeks to enable. The Jordans and their partners claimed to be believers in the power of Web3, and its capacities to empower the people they called culture creators and their supporters:
Too often, culture creators and early adopters are not beneficiaries of the world shifting culture they help build. With new frontiers in web3, the HEIR platform will deliver economic value to original culture creators and those who consume it early with new decentralized capabilities that drive ownership.
The fans and the athletes will be able to have an intimate connection via “Huddles”. The website claims that their experience will be supported by blockchain technology, NFTs, and this Huddles to offer fans “access to exclusive drops, member-only videos, and more”.
The company recently raised $10 million with Lonzo Ball, executive vice president for the New York Knicks William Wesley, and Alexis Ohanian from social network Reddit, per BasketballNetwork. The Michael Jordan project will be supported by Solana.
This blockchain has attracted many of the latest NFTs projects, especially those backed by institutional investors. Unlike its competitors, Solana offers fast and low-cost transactions with a vast ecosystem. However, recent reports on issues regarding its performance have negatively impacted the price of SOL, Solana’s underlying native asset.
How To Get Into Michal Jordan’s New NFTs Driven Project
In 2021 massive expansion for NFTs, the sports and entertainment industries have been quick to adopt them. The digital assets seem to have great potential to disrupt the way content creators benefit from their work, and for people to access their products. Similarly, blockchain-powered sports betting apps have seen tremendous growth, offering fans new ways to engage with their favorite sports beyond traditional experiences.
At the moment, fans interested in using the Michael Jordan-backed platform must go into the official website and register on a waitlist. Heir tells their potential subscribers that they will be the “first to experience the next generation of digital culture”.
Conversely, athletes can sign up to be featured on the platform. For now, Heir is an invite-only platform, but might onboard more athletes and creators in the future as they “continue to build out” the platform.
The sports media speculated on the potential impact for Michael Jordan’s brand following the launch of an NFTs based platform. Apparently, the legendary athlete has a plan to expand his incursion in the digital economy and could launch his next brand collection on the Metaverse.
Related Reading | ‘Melania’s Vision’ NFT Launch: Trump’s Artful Manipulation?
As of press time, SOL trades at $172 with a 5.5% loss in the past day.
