The Jordans are back at it again with another business move!
For their next talent, Variety reports that Michael Jordan and his son Jeffrey Jordan are moving with the times as they venture into the digital world through non-fungible tokens (NFTs) and entertainment.
Under a new holding company, Heir Inc., the Jordans plan to “build a consumer-facing community platform” that will enable fans to connect with their favorite athletes through a range of ways. This would also include an entertainment studio and consumer products.
The word “Heir” is “a play on the Air Jordan brand” that continues to dominate at Nike. Jeffrey Jordan founded the company alongside marketing executive Daniel George and Jeron Smith, former CEO and Co-founder of Stephen Curry’s Unanimous Media.
“The Heir platform reimagines the creator-fan experience, to empower athletes to engage with their fans,” Jeffrey Jordan said in an interview with Variety. “My dad is a strategic adviser and partner. We meet with him regularly, and he provides guidance and insightful ideas… When he was playing, he didn’t have the same tools to connect with his fanbase or monetize that.”
According to Variety, Heir has also named Briana Richardson as the VP of operations. Richardson has a background that includes working as a business manager at Robinhood and with Bain & Co. as a consultant.
How It Works
Through the Heir platform, athletes will be allowed to sell a limited number of membership-based “seats” to fans who will, in turn, gain access to digital assets and first-person NFT drops using an exclusive Heir token built on Solana’s energy-efficient blockchain network.
From there, supporters can purchase one-time digital assets or opt to join an athlete’s “huddle” where they will have a chance to get their hands on exclusive drops, digital goods, immersive experiences, and more.
At this time, there’s no word on which athletes will join for the initial launch. However, Jordan says that Heir is seeking “tier one” NBA and WNBA players along with the next generation of rising stars in the NCAA for their roster.
First Round Of Investing
Like any business venture, the Jordans understand the importance of early-stage investments.
Heir Inc.’s first product is rooted in tech and is called “Heir” (heir.app), a Web3 personalized community platform for athletes.
Through the Heir product, the startup managed to close a $10.6 million seed funding round led by Thrive Capital, serving as the company’s first introduction into NFTs. Other key investors include Solana Ventures and angel investors, like Reddit’s co-founder Alexis Ohanian, New York Knicks EVP and senior basketball adviser William Wesley, and Chicago Bulls guard Lonzo Ball. The legend himself, Michael Jordan, is also an investor.