The crash of Solana has devalued Michael Jordan’s Heir “6 Rings” NFT collection by 92 percent.
Jordan released his own NFT collection on March 3, 2022, with 5,000 non-fungible tokens available to buy.
At the time, each NFT was sold at an average of 16.99 SOL, but the price of Solana dropped dramatically, resulting in a net loss of over 92%.
Heir “6 Rings” NFT Selling For Just $45
Since the exposure of Sam Bankman-Fried, FTX, and Alameda, the price of the Solana has dropped off significantly. Now, Solana is considered an outcast in the crypto community and the price of Michael Jordan’s official 6 Rings NFTs have dropped as a result.
Currently, they are listed at only $45.
The HEIR NFT collection was released on March 3, earlier this year and at the time each token was going for 2.3 SOL, equivalent to $221 USD.
SOL was valued at $96 at the time. However today, the same token has crashed down to $14.41, losing 85 percent of its value.
The Values of Michael Jordan’s NFTs
There was a total supply of 5,000 6-Ring NFTs available on March 3. The average sale of each 6-Ring NFT was 16.99 SOL, equivalent to $1631.04 USD.
The prices of the NFT seemed to vary with the lowest sold at 2.94 SOL ($42.55 USD) and the highest, the Gold 6 Rings Bull, priced at 50,000 SOL ($723,000 USD).
So far there have been over 34,200 exchanges of Michael Jordan’s NFT in the “bull-themed” metaverse. But now there are only about 198 left to purchase.
Currently, fans can still buy the 6-ring Bull NFT collection but all of them are priced at 20,000 SOL or the highest.
However, there are still some of Michael Jordan’s NFTs available now on Magic Eden, which are being sold for around 20 SOL or less.
MJ’s Heir “6 Rings” NFT Risks
Since Solana had $134 million invested in FTX, most of their crash is cause and effect.
While MJ Heir’s “6 Rings” are still available on Magic Eden’s NFT marketplace, the volatility is a huge risk for fans.