The Air Jordan's $300 tag given in the movie is an inflated price due to its popularity in Brandon's area. Actual prices range from $160 to $180 and the shoe is still available to this day in multiple styles from children's basketball shoes to trainers. They are a basketball shoe made by Nike released in 1985 originally for the price tag of $65.
The symbol of the red man jumping on the Air Jordan is the image of Michael Jordan's famous dunno from the foul line in the 1988 Slam dunk contest, the dunk which earned him the victory over opponent and friend, Dominique Wilkins, who won the year before. The dunk is still trusted to this day in slam dunk contests to this day and usually a deciding dunk for a victory.
Michael Jordan's foul line dunk was originally done by predecessor Julius "The Doctor" Erving, aka Dr. J, the NBA hall of fame inductee who brought "slam" dunk to professional basketball. However, Jordan's dunk was successfully done from further back as only Jordan's toe was on the foul line while half of Dr. J's foot was at the time of his dunk.
Michael Jordan, the inspiration for the Air Jordan shoes, is considered to be the greatest basketball player of all time. He was known as MJ, His Airness and Air Jordan due to his seemingly ability to "fly" through the air. As a shooting guard for the Chicago Bulls, #23, his accolades include 5x NBA MVP, 10x All-NBA First Team, 14 NBA All-Star Games, 3x NBA All-Star MVP, 10 scoring titles, 3 steal titles, 6x NBA Finals MVP and 1988 NBA Defensive player of the Year Award. He holds the NBA records for highest regular season scoring average (30.12) and highest playoff scoring average (33.45). He was inducted into the Basketball Hall of Fame twice, in 2009 for his overall NBA career and again in 2010 as a member of the 1992 US men's Olympic basketball team ("The Dream Team") that won the gold.