Remember The Times: How Culture Is Fueling The $5.4 Billion Sports Memorabilia Market
By Gary J. Nix
- Michael Jordan’s game worn shoes during his first season with the Chicago Bulls sold for $1.47M
- The sports memorabilia market size is estimated to be worth $5.4B
The new hotness these days for those looking for the proper flex are collectibles. Whether art, comics, or sports memorabilia, the rush to become a collector is quickly becoming a bigger deal, with its $5.4 billion market size, according to collectibles.com. We are all aware of how much people race to buy Michael Jordan’s shoes when they come out, but did you know that older, game-worn Js could get you Millions. A pair of collectible shoes that Jordan wore during his first season with the Chicago Bulls sold for $1.47 million at a Sotheby’s auction.
Why This Matters: Seeing the confluence of culture and collecting feels different now, even though sports memorabilia has been a significant business for a long time. However, the elevation of a sneaker so highly ensconced in cultural importance combined with long-time collectors, and folks like Jay-Z investing in companies that grade and verify collectibles with his Blackstone CCG Deal.
This alludes to another way to rectify and restore the culture we’ve been looking to protect. Interestingly enough, the new avenues which may appear from this news, might do more than open access to new collectors.
Situational Awareness: Although they are very new, non-fungible tokens, or NFTs, are poised to profit from the growing sports memorabilia market. Companies like NBA Top Shot provide a low barrier to entry for fans of the “M” and WNBA to Collect and trade officially licensed digital Moment™ Collectibles. Yes, digital art collection is a market that many are still trying to figure out.
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