Earvin “Magic” Johnson, an NBA Legend and five-time world champion, filed trademark applications for non-fungible tokens and the metaverse on March 16th. The applications, if approved, would protect his name and popular slogan “Building. Magic. Together.” in Web3 for a variety of uses.
Mike Kondoudis, a trademark attorney, first broke the news on Twitter March 21st:
The two trademark applications target IC 009 and IC 035, two new technology categories. IC 009 covers downloadable virtual and digital goods, including non-fungible tokens relating to sports trading cards, jerseys, headwear, and collectibles. Johnson’s IC 035 filing indicates that he wants to build an online NFT marketplace.
Mike Kondoudis told Rarity Sniper that Magic Johnson or his company filed the two applications with “intent to use,” meaning that they have a bona fide intent to use these trademarks. “With that in mind, it’s very unlikely that they have filed these simply to try protect the names so that no one else can use [them].”
Kondoudis added that perhaps in 1-2 years, Magic Johnson or his company will use the trademarks for the products and services listed in the application.
This is not Johnson’s first foray into Web3. Last year, he partnered with Dapper Labs’ NBA Top Shot to drop a Magic Johnson-themed NFT collection and around that time also invested in SimWin Sports, an esports league that uses non-fungible tokens. While the amount he invested in SimWin Sports went undisclosed, the move indicated that Johnson has an interest in Web3.
While Magic Johnson is best known for his achievements on the hardcourt, his post-basketball life has its own set of accomplishments. Through his company, Magic Johnson Enterprises, he has invested in movie theaters, restaurants, and real estate. He also once had an ownership share in his former team, the Los Angeles Lakers, and was an investor in Starbucks.
The World of Basketball Dives into Web3
Though NFTs have captured the attention of people in many industries, the new tech has impacted sports perhaps the most. Over the past year and a half, we have written countless stories about athletes, teams, and even sports leagues entering Web3. Here are three, from the world of basketball.
First, three months ago, former Chicago Bulls superstar Scottie Pippen dropped an NFT collection that sold out in a record-breaking 77 seconds. The NFT set, called “SR33,” featured digital shoe artwork and mystery boxes. Collectors were also set to receive in-real-life rewards.
Next, five months ago, NBA franchise the New York Knicks launched an NFT collection in collaboration with local artists. The goal of the collection was to pay tribute to New York City, also known as “the Mecca of basketball.” There were nine NFTs total, with the digital collectibles linked to real-life rewards.
Lastly, about a year ago, LeBron James partnered with Crypto.com to drop an NFT set. Called “The Moment of Truth,” the collection featured 5,550 NFTs with photos from the crypto exchange’s Super Bowl ad with LeBron. The two have a history, with Crypto.com and the LeBron James Family Foundation partnering to provide educational resources for students who want to enter the blockchain industry.
Magic Johnson is a business mogul, so perhaps it is no surprise that he has decided to enter Web3. And when he does so, he’ll be in good company, as the next iteration of the internet has attracted athletes from all parts of the world. Here at Rarity Sniper, we’ll be on the lookout for further developments in the story.