Baisakhi MishraMichael Jordan and his son Jeffrey have unveiled HEIR, a Solana-based Web3 fan engagement tool. HEIR has acquired $10 million in startup finance and plans to begin operations in 2022.
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Michael Jordan, the six-time NBA champion and Chicago Bulls star, is the latest celebrity to recognize the promise of crypto and Web3 technology in connecting athletes and entertainers with their fans. Jordan announced today that he intends to build a fan engagement app platform based on Solana.
HEIR has acquired $10 million in startup finance
HEIR is a platform that connects professional athletes with their most enthusiastic admirers. It will include an HEIR token issued on the Solana blockchain, as well as NFT assets and community-building features such as the ability for fans to join a limited-capacity “huddle” for special access and perks.
According to a press release, Michael and his son, Jeffrey Jordan, co-founded HEIR Inc., which has raised $10 million in seed capital to build “culturally-inspired consumer brands rooted in tech and entertainment.”
Former Nike brand manager Jeron Smith and marketing expert Daniel George will co-lead the firm with Jeffrey Jordan. In 2022, the HEIR platform will be launched.
Solana Ventures, Reddit co-founder and Seven Seven Six founder Alexis Ohanian, current Bulls player Lonzo Ball, and New York Knicks Executive Vice President William Wesley all participated in the $10 million round, which was led by Thrive Capital.
HEIR is the newest example of the crypto space’s rising social token and fan interaction movement. Athletes, celebrities, artists, and influencers may use platforms like Rally and Roll to create their own crypto tokens, which supporters can buy to show their support, have access to special bonuses, and perhaps benefit if their popularity rises even higher.
In recent months, notable collegiate athletes such as Kayvon Thibodeaux and Jaylen Clark have launched their own creator tokens on Rally. Meanwhile, NBA star Spencer Dinwiddie, who previously tokenized his league contract in order to sell it to fans, funded $7.5 million in July to develop Calaxy, a social token and engagement platform.
Michael Jordan isn’t making his first foray into the crypto world. In March, he was a part of Dapper Labs’ $305 million fundraising round, and in November, he was a part of Mythical Games’ $150 million Series C round, which funds crypto gaming infrastructure.
Solana is a blockchain network that has risen in value and significance dramatically over the course of the year, from a low of less than $2 per token on January 1 to a high of approximately $260 in November. According to CoinGecko, the price is currently $166.
Solana is advertised as a faster, cheaper, and more energy-efficient alternative to Ethereum, which is now the main network for things like NFTs (unique tokens that act as digital receipts), DeFi products (peer-to-peer lending and trading), and other decentralized applications. However, the network has had some issues with stability, including a 17-hour outage in September.
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