Michael Jordan launches new NFT-based venture Heir Inc. with son Jeffrey Jordan, with investments coming in from Thrive Capital and Solana; Here's what we know so far
Michael Jordan has stepped into the fan engagement domain along with his son, Jeffrey Jordan. The duo have launched Heir Inc., a start-up that delves into the world of NFTs and next-generation entertainment.
Michael Jordan’s son has co-founded the company, Heir Inc., along with Daniel George, founder of agency Limitless Creative, and Jeron Smiths, the former CEO/co-founder of Stephen Curry’s unanimous media.
Thrive Capital, a New York-based investment firm, signed a $10.6 million seed-funding deal with Heir Inc, which is its first project in the NFT space. Solana, a public blockchain platform that will be used for the project, roped its investment arm, Solana Ventures, into the deal as well.
Additional investments came from some notable names, including Alexis Ohanian, who co-founded Reddit; New York Knicks executive vice president and senior basketball adviser William Wesley; and Chicago Bulls guard Lonzo Ball. Michael Jordan is also reported to be one of the investors.
The start-up’s first product, called “Heir,” is a platform for athletes to engage with fans. Fans can access digital assets and first-person NFT drops, which are sold by the athletes on the Heir app.
This will be done through a limited number of membership-based seats fans will buy on the app. Ventures like these have been around in the European football (soccer) world, and it’s about time someone in the NBA recognized its scope.
Michael and Jeffrey Jordan announce new entertainment and tech venture with the launch of HEIR Inc. Has raised $10M from Alexis Ohanian, Lonzo Ball and Thrive Capital. Platform will launch in 2022 https://t.co/L6EuGl4bgg
Whether Michael Jordan will be one of the athletes on the app is unclear, with the focus for Heir being on current NBA stars. The target market for the app is Gen Z and millennial fans, who are more likely to be involved in such new-age ventures. Jeffrey Jordan commented on the Heir app, saying:
“The Heir platform reimagines the creator-fan experience, to empower athletes to engage with their fans”
The athletes who get on board will also stand to make money, as athletes are said to receive an 80% cut from primary sales of NFTs. The remaining 20% will be retained by Heir Inc. Fans who sign up for this offering will be purchasing membership into the athlete’s huddle. The membership purchase will be done using Heir Token, which is built on the Solana blockchain network.
In the huddle, there is no limit to engagement possibilities. Digital content sharing, live Q&A's, polls and quizzes with a person's favorite athlete would be possible through Heir. Imagine Michael Jordan putting up a poll on how many points he would score in a game, back when he played.
Jumpman 🏀 🔥
HeroPuppets #66 - Michael Jordan
Just sold!🎉
#MichaelJordan #AirJordan #NFT #NFTcollector https://t.co/Zte5ZVPPPC
Getting the membership will not be an easy task, though, as Michael Jordan’s venture will cap the number of seats in a given athlete’s huddle. About 0.5-1% of the athlete’s social following, to be precise. Beyond that, the seat is only available if its current holder is willing to sell. The value of this huddle seat will appreciate over time.
Michael Jordan’s son played college basketball at Illinois and Central Florida as a point guard. Jeffrey Jordan has been working in the sports business and is making things happen off the court.
Also Read: How much is Michael Jordan's net worth in 2021?