NBA Player Attempts to Tokenize his Player Contract
Well this is interesting and falls in the pool of good publicity of blockchain and crypto regardless of how it works out.
NBA Player Attempting to Tokenize his Player Contract as an Investment
This article gets into the details of it: https://ambcrypto.com/nba-dinwiddie-cannot-use-his-contract-as-a-vehicle-for-digital-investments/
Here is the gist though:
His plan was to use issue an SD8 token on the ethereum blockchain for the offering which would give investors exposure to the value of his player contract and interest earned on the money raised.
Spencer Dinwiddie, who plays for the Brooklyn Nets signed a $34.4 million contract.
However, the NBA has other plans for his idea and has told him he cannot assign or transfer his right to compensation to a third party per the NBA Player's Association agreement.
Apparently, he is meeting with NBA officials to pitch why his idea does not violate either of those terms.
Tron Endorsement
Elsewhere, he already secured an 8.2 BTC sponorship from Justin Sun of Tron which he plans to pledge all of to charity.
To listen to the audio version of this article click on the play image.
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That's pretty interesting. If the contract has a no assigns clause, he's probably stuck.
Blockchain is definitely the future of securities and contracts though.
No matter if he is successful or not, he is paving the way for all future players. Good on him!
That is a great way to utilize blockchain. People choosing to decentralize their own risk and in doing so also spread their portfolio.
Very interesting, thanks for sharing.
Yeah, found it pretty interesting. Love the idea of mitigating risk in financial situations so thought it was cool too.
I remember a similar concept a few years back as well. Didn't follow up on it, but there was a project oriented around athlete and celebrities offering some sort of equity on a token based system. Don't remember if it was fully tokenizing or not though.
The great thing here is that an actual celebrity is doing it, which is also great exposure for crypto in general :)