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NBA Player Spencer Dinwiddie Signs Contract On Blockchain

16 September 2019 11:55, UTC
NBA Player Spencer Dinwiddie Signs Contract On Blockchain

Brooklyn Nets player Spencer DINWIDDIE decided to turn his contract with the National Basketball Association (NBA) into a tokenized bond. Investors will be able to invest and earn interest based on the results of the basketball player performance, The Athletic reports.

According to sources, Dinwiddie is signing a three-year extension contract worth $ 34.36 million with Brooklyn Nets and decided to convert his NBA contract into a digital investment. In particular, the securitization of the contract with the NBA will allow him to receive a significant advance payment, which will allow him to issue tokens to investors, who will earn interest on this crypto asset.

Nevertheless, there are certain risks to these bonds. Since the Dinwiddy contract with the NBA is a guarantee that will be used to pay these people, and the termination of the contract with the club can create difficulties for paying investors.

02.09.2019  |   in Cryptocurrencies
Despite the risks associated with the project, crypto enthusiasts welcomed this step and praised the initiative, believing that it can have a positive impact on the price of Bitcoin and altcoins — it can be deployed on the Ethereum blockchain or any other distributed ledger. It is also noted that the success of Dinwiddie’s contract tokenization may prompt other leading athletes to follow suit.

Image courtesy of: NetsDaily



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