It’s Showtime – Magic Johnson enters ‘booming’ crypto fan item market
The market for NFT collectibles based on blockchain technology has grown to more than $250 million in the past year.
Basketball legend Earvin “Magic” Johnson has a new team. The former Los Angeles Lakers star is not returning to the court, however, but is joining a sports company that specialises in Bitcoin Machine developing digital crypto trading cards.
Michael Rubin, the CEO of the corresponding fan merchandise manufacturer Fanatics, told CNBC yesterday that the market for digital and physical collectibles is literally “exploding” at the moment, as the population is spending significantly more time at home than usual due to the Corona crisis.
“We’re seeing a real boom at the moment,” Rubin notes. He adds: “I am convinced that there will be massive value creation in this area. Many people will try to get a piece of the pie, but not everyone will succeed. Ultimately, it’s going to be about delivering great content and great products, only that will lead to long-term success.”
Magic Johnson, who has joined the Fanatics board as an independent director, shares this optimism. For example, he sees NFT digital trading cards as an evolution from physical trading cards, which gained particular popularity during his active career in the 80s and 90s. “The industry has been revolutionised,” says the charismatic leader of the “Showtime Lakers” exuberantly.
As a reminder, NF tokens (NFTs) are crypto coins that are designed to literally have no fungibility
Each crypto token can therefore not be duplicated and is unique, which is why this form of cryptocurrency is particularly suitable as a vehicle for digital collectibles.
The NFT market, which has particular applications for art, trading cards and music, has grown to $250 million in the past year, a fourfold increase. An example of the market’s potential was recently provided by former baseball player Micah Johnson, who has since turned artistic, by selling an NFT artwork for US$2 million.
Large sports corporations such as the American basketball league NBA are now also successfully participating in the market. The NFT project NBA Top Shot has already turned over more than 230 million US dollars through the sale of crypto trading cards, making it one of the market leaders.