Basketball legend Magic Johnson has a future with the Bulls. No, he will not return to play in the NBA, but he has joined a large sports licensing company that views the growth of the non-exchangeable symbol market positively.
In an interview with Squawk Box on CNBC today, Michael Rubin, CEO of the sporting goods company Fanatics, said that the market for collectibles digital and physical goods “grows fast” in part because many spent more time at home in the past year. Johnson had just joined the Fanatic Council as an independent director and seemed to share Robin’s optimism.
“It’s almost crazy now,” Robin said. “I think it will create enormous value, but there are also many who do it, I do not think everyone will succeed. I think it’s really going to be about creating great content, great product – that’s what will last a long time. ”
Johnson compared non-exchangeable tokens, or NFTs, to regular physical trading cards when he played the NBA at the Los Angeles Lakers. “The whole game has changed,” said the basketball legend, with cards, jerseys and sneakers using technological advances.
The NFT market, which includes artwork, sports memorabilia, trading cards and more, has grown to $ 250 million by 2020, more than quadrupling. In the art world, Mika Johnson, a former MLB player as an artist, sold $ 2 million dollars of NFT on Nifty Market last month.
In the meantime, large sports companies have entered into partnerships with technology companies to take advantage of this growing market. Last week, the NBA Top Shot, an NFT marketplace built on the Dapper Labs Flow blockchain, sold over $ 230 million in digital acquisitions.