Nike releases 23rd edition of the Air Jordan

The Air Jordans moved basketball shoes from true high-tops or low-tops to a middle range and used unheard-of styles, such as patent-leather toes and elephant print.

As Jordan's success grew on the courts, so did Nike's in the shoe industry. Advertising images of Jordan soaring across the sky were ubiquitous. Spike Lee could be heard hollering "It's gotta be the shoes" on television. And Jordan's outstretched arms with the swoosh nearby adorned walls across the country.

People from the streets to the suburbs were wearing $100-plus basketball shoes, which was unusual at the time. That price is the norm today, but it has launched a backlash, such as the partnership between New York Knicks player Stephon Marbury and the Steve & Barry's store chain to sell basketball shoes for $14.98 — a direct stab at pricey sneakers like Air Jordans.

But the sneakers helped Nike quickly move from a running company and newcomer to the basketball category to the market leader. Some industry estimates put Nike's current share of the basketball shoe market at about 85 percent. Far behind are Adidas and Reebok.

The Air Jordan remains the pinnacle piece for shoe collectors. The original Air Jordan 1 can sell for thousands of dollars, depending on various factors.

Jordan's response? "It blows my mind that even after five years removed from the game the shoe would be stronger than ever and I would still be greeted by fans as if I had just won a championship all over again," he said.