Michael Jordan Failed Investment? A Year After Generating Nearly $7.5 Million a Day, Bulls Legend Set to Take Major Hit to Earnings This Month

For the past few years, there has been a huge surge of digital currency, crypto, and non-fungible tokens or NFTs. This world has seen celebrities cashing in on this expanding digital space. From Snoop Dog to Reese Witherspoon to Ellen Degeneres to Michael Jordan, all of them have invested in NFTs.

NFTs have been largely described as digital pieces of original art. They are bought with cryptocurrency and reiterate the blockchain ecosystem.

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NBA Top Shot was an exclusive space in this NFT realm for digital basketball video clips. In the past, it would have been equivalent to the traditional method of trading sports cards. In NBA Top Shot, ardent sports fans can buy, sell and trade infamous footage.

However, NBA Top Shot could be in trouble. It was reported that their sales for last year were $2.5 million for every 8 hours. Unfortunately, the business dipped with their current monthly sales only valued at $2.5 million. Interestingly, Chicago Bulls legend Michael Jordan has been an astute businessman and active investor.

Michael Jordan invested in NBA NFTs

It was launched in 2020 by Dapper Labs, and had clocked in huge names to be their investors. They included Michael Jordan, Klay Thompson, and Kevin Durrant to name a few.

Within a year, they had more than one million registered users. They also claimed that nearly $1 billion worth of transactions had taken place so far.

Mike Heffner, the CEO of Lelands, a sports auction house, said that the future was 100% tangible. Sports NFTs would not be able to substitute the real deal, he expressed. Furthermore, traditional trading cards also had a renaissance during the pandemic.

NBA Top Shot had been following a similar trajectory with more users weaning off the platform to return to trading cards physically.

Michael Jordan’s net worth is reported to be $1.6 billion. He has been dubbed the richest professional athlete in the world. Jordan has an impressive roster of businesses and investments he is part of. Ranging from tech, sports, and real estate; his presence in the business world is perhaps as dominating as he was on the basketball court.

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