Basketball great Magic Johnson invests in metaverse league said to be worth billions

NBA legend Magic Johnson has joined the metaverse race after investing in SimWin Sports, a digital sports league of teams with sports stars and celebrity owners. The Los Angeles Lakers legend purchased a football and basketball franchise in SimWin.

The SimWin Sports e-sports league is based on non-fungible tokens, which enable players to be bought, sold and drafted, according to a report by Marca. Matches are subsequently simulated and owners can earn money in the process, the report added.

“I’m so excited to be involved with SimWin, which is blazing a trail in one of the hottest new business sectors and has a great team leading the charge,” said Johnson, according to Forbes. 

“This multi-billion-dollar business is about to take off and the SimWin model is an excellent way for sports fans to get involved in this groundbreaking opportunity. I look forward to contributing to its growth and success. Get ready for the Inaugural Draft Class NFT player drop coming soon. I might just draft one of your players for my team.”

Aside from Johnson, other investors include Penny Hardaway, Jerry Rice, Marshall Faulk, LaMelo Ball, and Mike Singletary.

“From every stage of his career, Magic has inspired as a transcendent superhero for people of all races, but particularly as a black entrepreneur,” said David J Ortiz, Founder and CEO of SimWin Sports, according to Marca.

“His transformation from one of the most impactful careers in the history of sport, to an even more successful business leader has inspired generations of minority entrepreneurs like me. We at SimWin strive to follow in his steps as we build this incredibly innovative sports Metaverse.”

SimWin is a mashup blend of gaming, sports, web3, and metaverse and it is built on “proprietary Web3 technology which isn’t just a game.”

“Each player ownership presents a fun and unique business opportunity, sharing in multiple league revenue streams, earning salaries, performance bonuses, fantasy sports and secondary marketplace revenues,” the company says.

Johnson played point guard for the Lakers for 13 seasons entering the league in 1979 NBA drafted by the Lakers. Johnson’s career achievements include three NBA MVP Awards, nine NBA Finals appearances, 12 All-Star games, and 10 All-NBA First and Second Team nominations.

Johnson as a player was a beast. He was a member of the 1992 United States men’s Olympic basketball team (“The Dream Team”), which won the Olympic gold medal in 1992.

He became a two-time inductee into the Basketball Hall of Fame – being enshrined in 2002 for his individual career, and again in 2010 as a member of the “Dream Team.”

He was named by Ebony magazine as one of America’s most influential Black businessmen in 2009. Johnson’s net worth is $600 million.