Dwyane Wade’s Entry Into $845 Billion Industry In Question Following Shaquille O’Neal’s $32 Billion Endorsement Mistake

Dwyane Wade has followed the mold of several NBA legends before him like Kobe Bryant and Shaquille O’Neal when it comes to his post-retirement lifestyle. The Miami Heat legend understands that his career earnings would deplete soon enough if he continued to live the multi-millionaire way of life. 

So, instead of drastically cutting down on how he spent his money, he simply got into the investment game. His most major investment came when he bought a minority stake in the Utah Jazz, making him a part owner of the team. He is one of two players in NBA history who own a team (Grant Hill and Michael Jordan). 

Earlier this year, Wade delved down the path of cryptocurrency. The market cap is currently at $845 billion so it looks like quite the promising industry. Though, with the recent crypto crash, it’s safe to say that NFT investments aren’t looking like the brightest in hindsight.

Also read: “LeBron James, Redeem Team Over Michael Jordan, Dream Team!”: 6ft 4” Dwyane Wade Raised Eyebrows Choosing Between Olympic Squads

Dwyane Wade launched $180 NFTs earlier this year 

Dwyane Wade forayed into the cryptocurrency industry in May of 2022 when he decided to sell non-fungible tokens (NFTs) through his own collection. He’s working alongside Budweiser Zero to create this collection that would sell each NFT for $180. 

Upon purchase of each NFT, the buyer would get a chance to win autographed sneakers from Wade himself. They would alternatively also have a chance to sit down on the Utah Jazz home court with Wade to watch the team he invested in, play. 

This was quite the risky move for the 3x champ however. The crypto market crashed quite spectacularly over the past year. NFTs worth over $600,000 are now worth less than a fraction of the cost. Dwyane compared his entry into this industry to his basketball career, calling it ‘similar’. 

Shaquille O’Neal sued over involvement with FTX 

Shaquille O’Neal once said that he wouldn’t want to enter the cryptocurrency industry because he didn’t understand it. Well, it seems like he finally understood it as he would go on to endorse FTX Currency. This however, has brought on a world of trouble for him. 

He’s recently been involved in a class-action lawsuit alongside the likes of Stephen Curry and Tom Brady for endorsing FTX. The company and its founder, Sam Bankman-Fried, have been sued on grounds of misleading customers. So, brand ambassadors like Shaq and Steph are unfortunately in the middle of it all.

Also read: “Kobe Bryant Kept One-Upping Us!”: Dwyane Wade, Who Called Kobe His Idol, Shared How They Became Friends on the Redeem Team