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Michael Jordan is now worth $3.5B, richer than the entire NFT market

source-logo  crypto.news 30 August 2023 22:36, UTC

Basketball legend Michael Jordan’s net worth stands at $3.5 billion and is currently higher than the entire NFT market, which was valued at over $15 billion just two years ago.

Basketball icon Michael Jordan, often heralded as the greatest-of-all-time (GOAT), has added another notch to his already illustrious belt. A recent stake sale in the Charlotte Hornets has catapulted Jordan’s net worth to an estimated $3.5 billion, per data from the Bloomberg Billionaires Index.

This significant financial achievement becomes even more noteworthy when compared to the declining non-fungible token (NFT) market.

Once a thriving sector in crypto, NFTs have recently experienced substantial drops in trading activity and value.

After selling his stake in the Charlotte Hornets, Michael Jordan's net wealth is now $3.5bn, more than pretty much the entire NFT market combined. pic.twitter.com/Yz6KOod2HA

— NFTstats.eth (@punk9059) August 30, 2023

NFTs have gone from boom to gloom

Contrasting the upward trajectory of Jordan’s fortune is the downswing in NFT activity and valuation.

After peaking in January 2023 with 7.36 million sales, it fell 49% last month as sales dropped to 3.7 million.

The number of active users engaging in trading now sits at approximately 50,000, signaling a wider trend of declining interest in the space.

The market’s fall can be linked to a few reasons.

Initially, the overall dip in the crypto market has affected core assets like Ethereum, which has influenced NFT values.

Furthermore, the initial excitement about NFTs, driven by fear-of-missing-out (FOMO), has shifted to investor prudence. This is because several NFTs offer limited practical use and are still controlled by centralized marketplaces, raising uncertainties about their lasting worth.

The community has come to recognize that NFTs mostly lack real-world uses beyond digital art. Unlike crypto assets, which are being adopted in various industries, NFTs haven’t gained as much traction.

Additionally, the NFT space has been plagued by ongoing scams and frauds, with over $100 million lost to NFT-related scams in 2022 alone.