Non-fungible tokens (NFTs) have become increasingly popular, and they are now attracting players across different industries. Dwayne Wade, a retired three-time NBA champion, has expressed interest in venturing into the NFT space.
Besides being famed for his legendary career in the NBA, Wade is also popular in the business sector. The retired player currently has a stake in two sports teams, and he is also a host for a TV show.
Dwayne Wade ventures into NFTs
Wade spoke during an interview with CNBC, where he said that he has “always been a guy that’s done things a little different than everybody.” The NBA star has partnered with Budweiser Zero to release an NFT collection that will be unveiled on May 24.
The NFTs in question will trade at $180 each, and they will unlock the opportunity for buyers to access rewards such as sneakers autographed by Wade. They will also get a chance to win a Utah Jazz game ticket and watch the game with Wade. Wade is an investor in the sports sector and owns a minority stake in the NBA franchise.
Your capital is at risk.
“This is an opportunity to be part of a young brand that is trying to build a fan base and provide great experiences,” Wade said. The NBA champion also said that the NFT collection was built for fans, adding that it could give them a unique and cool experience.
Wade is launching his NFT collection when the market is not performing very well. NFT trading volumes have recorded an over 90% dip since September 2021. The cryptocurrency market has also not been performing well, with billions worth of crypto being liquidated from the market within the past week.
However, Wade does not seem deterred by these numbers and is still willing to take a risk in this volatile space. He said that his investment journey was similar to his business career, meaning that he was not afraid to take risks in areas where he could see potential returns.
Wade as a business mogul
Wade is not only popular in sports but also in the business sector. After retiring from basketball in 2019, he was already a millionaire, earning around $200M during his NBA days. It is also estimated that he makes $17 million every year from endorsements.
In his retirement years, he has made strategic business decisions that have allowed him to expand his income. In 2003, Wade signed a deal with Converse and later partnered with Nike’s Michael Jordan’s in 2009.
In 2012, Wade signed a partnership deal with Li-Ning, a sports apparel company based in China. Li-Ning suggested that Wade releases his own shoe line, and he was offered an equity stake in the company. The NBA star said that the deal was “the most important deal from a business standpoint.”
Wade signed the deal with Li-Ning in 2018 for an undisclosed amount. Other NBA stars have also worked with the sports apparel company. “I’m not trying to recreate anything. I’m trying to have a sneaker and apparel business that players are wearing for many years. I want to build something that’s a legacy for my family,” Wade said.