National Basketball Association (NBA) has rejected the idea of crypto payments to Dinwiddie. Recently Spencer Dinwiddie announced that we would change his contract shares in tokenized form, however; the NBA has not allowed the Brooklyn Nets guard to carry out his plans of tokenizing his shares.
Dinwiddie, crypto enthusiast and fan of Bitcoin had plans of selling his NBA contract shares of three years’ worth a little over thirty-four million dollars ($34.36) on his latest Ethereum powered platform “DREAM FAN SHARES”. The platform was to be launched in mid of October. Dinwiddie took on to Twitter to address his displeasure over the issue.
The news tonight is disappointing because all it does is inspire #FUD in the birth of a previously unrealized asset class under the assumption that I’m breaking a rule that I’ve been clear I’m not breaking in multiple conversations.
— Spencer Dinwiddie (@SDinwiddie_25) September 27, 2019
Crypto payments to Dinwiddie: Rejection causes uproar
The platform was to turn Dinwiddie’s NBA contract into an opportunity of public digital investment. Dinwiddie’s ambition included tokenized securities for developing a financial vehicle that would provide athletes, influencers and artists control over their financial future by giving them earlier access to capital indicated in their contracts.
Moreover, Dinwiddie highlighted the part and stated that fans will be invested in watching their favorite players.
However, according to a recent report, the NBA believes that any such move will be breaching the terms of the agreement. The agreement states that players cannot assign or transfer his right of receiving compensation to any third party while being part of an NBA team.
After this news story broke out, Dinwiddie took to Twitter for voicing dismay over this turn of events.
I love the @NBA it is the greatest league in the world. And it is an honor to be their partner. But to put this quite simply I’m not assigning my contract and have been explicit in that when I’ve spoken to them.
— Spencer Dinwiddie (@SDinwiddie_25) September 27, 2019
Andrew Yang, Democratic Presidential candidate also expressed his dissatisfaction with his tweet.
I think @SDinwiddie_25 selling interests in his professional earnings is genius and am disappointed the NBA is disallowing it.
— Andrew Yang🧢⬆️🇺🇸 (@AndrewYang) September 28, 2019
Binance’s chief executive officer (CEO) Changpeng “CZ” agreed with Yang’s tweet.
