NFT Platform Heir Hopes to Catch Fire by Tying Tokens to High School Sports Stars

Two acronyms have been major trends in the world of sports marketing this past year: name, image and likeness (NIL) deals and NFTs. While NFTs have started to lag, one brand is banking on being able to lift them up with the help of rising college athletes. And, of course, a little nostalgia. NFT platform Heir is hosting a two-day event titled NFT Jam. Taking place in Atlanta on Sept. 9-10, the highlight will be a two vs. two full-court basketball tournament inspired by the classic '90s video game NBA Jam. Some of the top high school basketball players in the country will look to make fans at the event say "Boom shakalaka." The list of student-athletes participating includes Elliot Cadeau, Ja’Kobe Walter, Layden Blocker, Corey Chest, Tyler McKinley and Ryan Forrest. All 18 student-athletes are signing partnership deals with Heir as a part of the brand's NIL and Web3 brand ambassador program. The experience will launch with the Web23 House, a full day of Web3 educational programming and creator tools. Patience and Observation Are Your Best Bets to Foray Into NFTs "For us, it’s about creating new ways to connect fans with their favorite athletes both digitally and IRL," Heir co-founder Jeffrey Jordan told Adweek. "NFT Jam will continue to be a tentpole moment of our brand where we annually bring the next generation of high school stars to this experience. "The unique two vs. two full-court format combined with the Web3 workshops and our NFT Jam membership experience create an innovative platform for both the players and their communities," he added. Jordan said simplifying the process for Web2 sports fans to enter the Web3 space at NFT Jam gives the brand an opportunity to showcase the experience, community and connectivity that Heir offers. The event is open to the public and will feature digital and physical giveaways. NFT sales down NFTs were booming in 2021. But this year, non-fungible tokens have seen a decline in price and demand. Overall sales of NFTs dropped 67% month over month on the largest token marketplace, OpenSea. Google search interest in the term "NFT" in May was about one-third of its January peak. However, NFTs have become deeply embedded in the sports category. Dapper Labs started NBA Top Shot and launched a new marketplace with the NFL recently. DraftKings also just got involved, adding an NFT component to its Daily Fantasy Sports vehicle. NBA Top Shot's sales have also slowed, and it remains to be seen how some of these new NFT projects will fare. "We are always cognizant of what’s going on in the marketplace, but luckily we’ve continued to build and provide priceless experiences for our community," Jordan said. "It’s a testament to the community that we continue to build around both our athletes and the fans. We’re most proud of when we hear that new fans minted their first NFT with Heir to be a part of our experiences." 'Heir' Jordan Heir was co-founded by Jeffrey Jordan, son of NBA legend Michael Jordan, along with marketing executive Daniel George and co-founder of Stephen Curry’s Unanimous Media Jeron Smith. Heir raised $10 million in a seed funding round led by Thrive Capital last year. Investors in the platform also include entrepreneur Alexis Ohanian, blockchain platform Solana and New York Knicks executive William Wesley. The brand has already partnered with several NBA players on projects including Lonzo Ball, Anthony Edwards and has more planned in the future. "We want to ensure that the in-app experience for our members continues to be efficient and an overall seamless experience," Jordan said. "We’ve also seen success in our collaboration with strategic brand partners—our recent drop with Lonzo Ball and Okay Bears being an example of this—where we were able to use auction funds to refurbish a community basketball court in Los Angeles," he added. "We want to continue to find ways to innovate and offer our fans a proposition that they can’t receive anywhere else." After the NBA, Dapper Labs Takes NFTs to the NFL in Ad Starring Patrick Mahomes