Basketball legend Magic Johnson has a future with the bulls. No, he isn't returning to play for the NBA, however becoming a member of a significant
Basketball legend Magic Johnson has a future with the bulls. No, he isn’t returning to play for the NBA, however becoming a member of a significant sports activities licensing firm that appears favorably on the rise of the non-fungible token market.
In an interview with CNBC’s Squawk Field at the moment, Michael Rubin, government chairman of sports activities merchandise firm Fanatics, stated the digital and bodily collectible market was “exploding” due partly to many spending extra time at dwelling final yr. Johnson simply joined Fanatics’ board as an impartial director and appeared to shared Rubin’s optimism.
“It’s nearly a frenzy occurring proper now,” stated Rubin. “I believe there’s going to be large worth created, but in addition there’s so many individuals stepping into it, I don’t suppose everybody’s going to achieve success. I believe it’s actually going to be about creating unbelievable content material, unbelievable product — that is what’s going to have longevity.”
Johnson in contrast non-fungible tokens, or NFTs, to the bodily buying and selling playing cards fashionable when he was within the NBA enjoying for the Los Angeles Lakers. The basketball legend stated “the entire recreation has modified,” with collectible playing cards, jerseys, and even sneakers benefiting from advances in expertise.
Two mega-entrepreneurs in sports activities weigh in on the rise of digital property:
“The entire recreation has modified,” says @MagicJohnson
“It will be about creating unbelievable content material and product–that’s what’s going to have longevity,” says @michaelrubin pic.twitter.com/qIPkwv9kYt
— Squawk Field (@SquawkCNBC) March 3, 2021
The NFT market — which incorporates paintings, sports activities memorabilia, buying and selling playing cards, and extra — grew to $250 million in 2020, greater than quadrupling in measurement. Within the artwork world, Micah Johnson, a former MLB player-turned artist, bought $2 million value of NFTs on the Nifty market final month.
In the meantime, main sporting companies have additionally been partnering with tech corporations to capitalize on this rising market. Final week, NBA Prime Shot, a market for NFTs constructed on Dapper Labs’ Stream blockchain, bought greater than $230 million in digital collectibles.