Michael Jordan NFTs have officially arrived.
On March 3rd, it was reported that the legendary NBA star had partnered with the new HEIR platform to create a collection of “6 Rings” NFTs, inspired by his successful career.
Of course, these NFTs quickly sold out, so you’ll have to rely on the secondary market if you want to get your hands on one.
This also marks the very first collection released by HEIR, an organization that plans to collaborate with many other athletes in the future.
What is the 6 Rings Collection?
Although Jordan’s name is attached to the project, his image is not featured in any of these NFTs.
Instead, a metallic bull’s head takes center stage – a clear reference to the Chicago Bulls team with which Jordan achieved such stellar achievements.
The bulls come in five different colors: gold, silver, red, black, and white. Each design also featured six rings that decorate the bull’s horns, representing the six NBA championships that Michael won with Chicago. These NFTs hit the market with a price tag of $193 each – or 2.3 SOL.
Those who managed to grab one of these tokens received access to more than just the image of a bull’s head. They also received “founding fan” status, which means that they have exclusive access to a new platform that connects fans with athletes.
Apparently, these fans will have the ability to interact directly with their favorite athletes, through a system known as a “huddle.” They will also get access to “exclusive merchandise,” although the specific details have been vague.
Slow Sales Out of the Gates
Initially, 10,010 NFTs were due to be released as part of this collection. However, HEIR quickly reduced the available tokens by half due to slower-than-expected sales – leaving investors with just 5,005 NFTs to choose from.
This provided more desirable results, and the 6 Rings Collection soon sold out.
On the surface, you might assume that a sold-out collection represents a clear success. However, the lower-than-expected demand for these NFTs could be a worrying sign for HEIR – and perhaps other NFT creators as well.
This comes at a time when NFT sales are slumping noticeably when compared to the boom of January 2022.
The Future of Sports NFTs
Like so many other major industries, the sports world is taking concrete steps towards NFT adoption.
HEIR is clearly positioning itself to become a leader in this new market, and the Solana-based platform fancies itself as a viable competitor to Ethereum, a blockchain that has dominated the NFT market with its popular marketplace OpenSea.
HEIR states that it could soon collaborate with other athletes to release more NFTs.
And of course, let’s not forget that major athletic brands like Nike and Reebok are already firmly involved in the development of non-fungible tokens.
