Dwyane Wade likes taking chances when it comes to business.
The three-time NBA champion owns media companies as well as consumer items. Wade, 40, has a stake in two sports teams and hosts a television show. Wade is also taking a chance in the risky NFT industry.
“I’ve always taken chances,” Wade told CNBC in an interview. “I’ve always been a guy that’s done things a little different than everybody.”
Wade is collaborating with Budweiser Zero on an NFT collection that will be launched on May 24. Wade co-founded the alcohol- and sugar-free beverage in the year 2020. The NFTs will cost $180 each and will give buyers the chance to win prizes such as autographed Wade sneakers and a trip to a Utah Jazz game with him. Wade has a small stake in the NBA franchise.
“This is an opportunity to be a part of a young brand that is trying to build a fan base and provide great experiences,” he said, calling the NFT collection another option for fans “to do something unique and something cool.”
Regardless, the NFT collection is being launched at a time when digital assets are on the decrease. Daily sales of NFTs have decreased by more than 90% since September 2021, according to The Wall Street Journal. It also occurs in the midst of a cryptocurrency sell-off, including bitcoin.
Wade makes an important business decision
Wade, who retired from basketball in 2019, earned almost $200 million throughout his 16-year NBA career, according to Spotrac, a website that tracks sports ties. According to Forbes, he gets $17 million in sponsorships every year.
When asked about retiring, Wade said, “It’s different.” Wade added that throughout the pandemic, he learned how to apply “the same attributes that made me a tremendous player” to his post-career.
He set the tone for his post-retirement years with a crucial business choice made at the peak of his career.
Wade began his career as a rookie with the Converse footwear brand in 2003. He joined Nike’s Michael Jordan brand in 2009, where he worked with NBA stars Carmelo Anthony and Chris Paul, among others.
Wade was then approached in 2012 by Li-Ning, a Chinese sports gear producer, about starting his own shoe line. They offered him a stake in the business. Wade took the risk and left Jordan for Li-Ning, describing the deal as his “most important business transaction.”
“Thank you for laying the blueprint,” Wade said he told Jordan. “I’m going to try and do my own version of it.”
Jordan, according to Wade, informed him that he “understood and respected” the decision.
In 2018, Wade signed to a lifetime deal with Li-Ning for an unknown price. Younger NBA stars, such as New Orleans Pelicans CJ McCollum and Miami Heat Jimmy Butler, have joined him on the brand. The Minnesota Timberwolves’ D’Angelo Russell has also joined the sneaker firm.
“It’s a slow build,” said Wade said. “Athletes are taking chances doing something a little different.”
“I’m not trying to recreate anything,” Wade explained. “I’m trying to have a sneaker and apparel business that players are wearing for many years. I want to build something that’s a legacy for my family.”
Keeping the momentum going
When Wade retired, he continued to grow his business. Wade founded the winery “Wade Cellars.” He has a share in the Players TV media organization. He co-founded the baby products business Proudly with his wife, actress Gabrielle Union. According to him, the fledgling business was founded out of need.
“We have a 3-year-old daughter and going to 80 different stores to grab products. We said, ‘This doesn’t work for us. How can we build what works for us — the minorities in our world and communities?’”
In April, it proudly unveiled its product line, which comprised baby wash and lotion. The company will eventually offer diapers.
Wade also purchased a small stake in the NBA’s Utah Jazz in April 2021 and joined Blackstone CEO David Blitzer as a co-owner of MLS club Real Salt Lake. Wade refused to tell how much his stakes are worth, although he did indicate it’s a little sum.
Wade said that owning a controlling stake in a club is his “ultimate goal.” In this instance, though, his willingness to take risks may be restricted.
“But maybe I’m going to go through this process and tell myself, ‘No, you don’t want those headaches,” he said.
