Spencer Gray Dinwiddie is an American professional basketball player for the Brooklyn Nets and is reportedly planning to tokenize his $34 million NBA contract extension. The NBA star has been in news for having made a series of investments in Bitcoin over the years. He has also announced that his personal shoe brand would accept cryptocurrency as payment.
How Will it Work
The Brooklyn Nets are supposed to pay the player $34 million over the course of the next 3 years which his contract is set to run. But, if Dinwiddie converts it into a digital token, he will receive a lump sum. Although, the lump sum is likely to be a part of the total amount he would earn from his contract in fiat, it gives him the chance to have a significant amount of funds in his possession and also increases his ability to make solid investments.
Dinwiddie is going to sell digital tokens tied to the contract, where the investors in the offering will receive principal and interest.
At a Glance: In August, the Dallas Mavericks became the 2nd NBA team to accept Bitcoin for payments related to match tickets and merchandise. Notably, Sacramento Kings, was the first NBA team back in 2014 to accept Bitcoin for promotional products and tickets