January 23, 2022

Michael Jordan launches into Web3 with Solana

Six-time NBA champion and Chicago Bulls legend Michael Jordan is the latest celebrity to see the potential of crypto and Web3 technology to connect athletes and artists with their fans. Today Jordan revealed that he plans to launch a Solana-based fan engagement app platform.

The platform, HEIR, is designed to connect professional athletes with their most ardent supporters. It will be endowed with a HEIR token minted on the Solana blockchain and will offer NFT assets as well as community development functions allowing fans to join the ” caucus »Limited capacity of an athlete to benefit from exclusive access and advantages.

Parent company HEIR Inc. was co-founded by Michael and his son, Jeffrey Jordan, and raised $ 10 million in seed money to launch ” consumer brands inspired by culture and rooted in technology and entertainment“, According to a press release.

Jeffrey Jordan will co-lead the company alongside Jeron Smith, former Nike brand manager, and Daniel George, marketing consultant. The launch of the HEIR platform is scheduled for 2022.

Thrive Capital led the $ 10 million funding round, which also included Solana Ventures, Alexis Ohanian, Reddit co-founder and founder of Seven Seven Six, Lonzo Ball, current Bulls player, and William Wesley, executive vice president. of the New York Knicks.

HEIR is the latest example of a flourishing social token and fan engagement movement growing in the crypto space. Platforms like Rally and Roll allow athletes, artists and influencers to mint their own cryptocurrency tokens, which fans can purchase to support them, gain access to exclusive perks.

Notable college athletes like Kayvon Thibodeaux and Jaylen Clark have launched their own designer tokens on Rally in recent months, for example. For his part, NBA player Spencer Dinwiddie – who has already cashed in his championship contract to sell it to supporters – raised $ 7.5 million in July to launch his own social and engagement token app called Calaxy.

This is also not Michael Jordan’s first step into the crypto space. He took part in the $ 305 million funding round of Dapper Labs, the manufacturer of NBA Top Shot, in March, and then participated in the $ 150 million Series C round of Mythical Games, a maker of cryptocurrency gaming infrastructure, in November.

Solana is a leading blockchain network that has grown in value and importance significantly over the year, from a price of less than $ 2 per token on January 1 to a peak of almost $ 260 in November. . Currently, the price sits at $ 166, according to CoinGecko.

Solana is touted as a faster, cheaper, and more energy efficient alternative to Ethereum. However, the network faced stability issues, including an outage of more than 17 hours in September.