Spencer Dinwiddie of the Brooklyn Nets professional basketball is reportedly planning to tokenize his 34 million NBA contract extension.
Adhering to a $34 million NBA contract expansion, Dinwiddie is reportedly likely to sell electronic tokens tied into the contract, wherein investors in the offering would receive principal and interest, Fox Business reported on Sept. 14.
NBA gradually adopts crypto
Dinwiddie thus joined other NBA players participated with digital currency. Back in 2014, the Mavs’ competitions, the Sacramento Kings, became the first NBA team to take Bitcoin for promotional products in addition to for tickets.
Fans will supposedly have the ability to assemble live footage of NBA games that can then be used in certain capacity to construct a competing roster to the game.
The other side of this coin
With the increased adoption of electronic currencies, some athletes are becoming involved in cryptocurrency-related schemes. Back in mid-August, news broke the mythical American professional boxer Mike Tyson has been spearheading a fresh blockchain-based entertainment system for fighters dubbed Fight to Fame.
However, Tyson subsequently denied the news, asserting Fight to Fame for a deceitful scheme.
Earlier this season, the United States Securities and Exchange Commission fined American boxer Floyd Mayweather and audio producer DJ Khaled for boosting Centra Tech’s initial coin supplying on social networking. The total sum to be paid by DJ Khaled comprised $152,725, while for Mayweather it had been $614,775.