American professional basketball star Spencer Dinwiddie has launched a crowdfunding campaign to sell his National Basketball Association (NBA) contract to his fans in Bitcoins (BTC). He is looking to tokenize his contract in BTC worth nearly $24.63 million, which is equivalent to 2625.8 BTC at the time of his announcement.
Dinwiddie is using the funding platform Gofundme to raise the amount from his fans, which will enable them to determine his next team decision and sign a one year contract at that destination. The fans will get that option only if they hit the target amount of $24.63 million.
Since launching the campaign, Dinwiddie’s fundraiser has raised $1,100 from 95 donors in the past two days. Dinwiddie currently represents Brooklyn Nets of the NBA.
Dinwiddie will be donating 100% of the campaign to charity if the fans do not hit the target amount. He added, “Fan engagement comes in all shapes and sizes, lets have fun folks!”
Dinwiddie has been a strong supporter of Bitcoin and an investor. He became a bitcoiner in the summer of 2017, when he reportedly bought the coin for $3,000, and later sold some for around $15,000 per coin, before the digital currency’s peak of $19,783 in late December 2017.
In October 2018, Dinwiddie said his signature shoe brand K8IROS would accept Bitcoin as payment. He developed the shoeline in collaboration with a company called Project Dream.
Over time, various sportspersons and teams have shown a growing interest in bitcoin and other cryptocurrencies, giving it more legitimacy.
The Sacramento Kings became the first NBA team to accept bitcoin for ticket payment in 2014. In July 2018, they also installed crypto-mining machines inside their arena to become the first professional sports team to foray into cryptocurrency mining and use the funds for charity program “MiningForGood”.
Dallas Mavericks has become the second NBA team after Sacramento Kings to accept cryptocurrency Bitcoin (BTC) as an additional method of payment for match tickets and merchandise.
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