Michael Jordan, Jeffrey Jordan Form Heir Inc., Plan NFT Platform

Michael Jordan and his son Jeffrey Jordan seek to bring the legacy of the six-time NBA champion into the world of NFT and next-gen entertainment.

The Jordans have launched Heir Inc., a new holding company that plans to create a consumer-facing community platform for athletes to connect with fans – plus other business lines including an entertainment studio and consumer products. (“Heir,” of course, is a play on the Air Jordan brand at Nike.)

The company was co-founded by Jeffrey Jordan (on the top corner left) with marketing manager Daniel George (above the middle), founder of Limitless Creative, and Jeron Smith (top right), Stephen Curry’s former CEO/co-founder of Unanimous Media.

The first technological product of Heir Inc., called “Heir” (heir.app), is envisioned as a personalized Web3 community platform for athletes. For the Heir product, the startup closed a $10.6 million seed funding round led by Thrive Capital, marking the venture capital firm’s foray into NFTs (and its biggest seed investment ever). realized). Investments also came from Solana Ventures, the investment arm of public blockchain platform Solana, as well as angel investors including tech entrepreneur and investor Alexis Ohanian (co-founder of Reddit), VP New York Knicks executive chairman and senior basketball adviser William Wesley and Chicago Bulls guard Lonzo. Ball.

Here’s how the founders say the Heir platform will work: Athletes will sell a limited number of membership-based “seats” to fans, who will have access to digital assets and first-person NFT drops, using an exclusive Heir token built on the energy of Solana. -efficient blockchain network. (NFTs, or non-fungible tokens, are used to verify ownership of unique digital content.) Supporters will have the option to purchase unique digital assets or join an athlete’s “huddle” for exclusive drops , digital goods, immersive experiences and other benefits. .

“The Heir platform reinvents the creator-fan experience, to allow athletes to engage with their fans,” said Jeffrey Jordan. Variety.

At this time, the founders don’t know which athletes might be on board for Heir’s initial launch, slated for 2022. “We’re very deliberate with our early adopter athletes,” Jordan said, adding that Heir is targeting “players of NBA and WNBA top tier and the next generation of NCAA rising stars.

Will MJ be on the Heir platform? It’s unclear. According to Jeffrey, “My dad is a strategic advisor and partner. We meet with him regularly, and he gives us insightful advice and ideas… When he was playing, he didn’t have the same tools to connect with his fanbase or monetize it.

Alongside the three founders, Heir Inc.’s leadership team includes Vice President of Operations Briana Richardson, formerly Chief Commercial Officer at Robinhood and Consultant at Bain & Co.

According to Smith, Heir focuses on young stars like Lonzo Ball who appeal to Gen Z and millennial fans. “People his age grew up with social platforms,” ​​he said. “This is the first step for athletes building their meta-brands in the metaverse/Web3 world.”

Heir will generate revenue through consumers who purchase memberships in an athlete’s huddle. Athletes will get an 80% reduction in NFT’s primary sales and Heir Inc. will keep 20%; on subsequent sales, the split is 50-50.

The idea is to limit memberships to heirs: The number of seats in a given “caucus” will be capped at around 0.5% to 1% of an athlete’s existing social followers, according to George. Once you hit the cap, “the only way in is for someone to sell you their spot,” he said. “The value of the caucus seat appreciates over time.”

The athletes’ digital content on Heir will encompass multiple formats, from exclusive behind-the-scenes videos to what they’ve watched on Netflix. Athletes will also be able to host live Q&As with their members and post polls and quizzes. Highly engaged fans on the platform will be rewarded by unlocking digital goods.

Gaurav Ahuja, Partner at Thrive Capital, commenting on Heir Inc.’s model, said, “Fan loyalty is increasingly shifting towards loving individual players rather than teams. Now there is an opportunity to grow an ecosystem that allows fans to feel like insiders with the athletes they love. Heir’s ‘huddle’ offers a one-of-a-kind experience to connect with athletes, becoming active co-owners and co-creators of the platform.

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