The news that Brooklyn Nets star Spencer Dinwiddie was to roll out an Ethereum-based investment vehicle for his own contract took the NBA and crypto communities by surprise. Disregarding an NBA threat to ban him from the professional basketball league, the 26-year-old point guard – who tellingly describes himself as “a tech guy with a jumper” on Twitter – launched his unique bond on January 13 with the aid of security token platform Securitize.
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Dinwiddie’s desire to tokenize his lucrative Brooklyn Nets contract first made news in September, with the NBA quickly conveying its ire to the New York Times by citing a CBA provision that “no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.”
Despite fierce protestations, Dinwiddie has turned his three-year, $34.4 million contract with the Nets into an investment vehicle called Dream Fan…