Former Nets’ point guard Spencer Dinwiddie made headlines in 2019 as it was reported that he would convert his new contract into digital investment. Unfortunately for Dinwiddie, he may have been ahead of his time as he only sold nine of 90 shares of his contract, raising $1.4 million instead of $13.5 million he’d intended in 2020.
“Dinwiddie later acknowledged that putting his NBA contract on the blockchain wasn’t entirely necessary, but that it served a longer-term and perhaps more ambitious purpose. “It was to future-proof,” he said in October. “It was about what was coming.” (via coindesk.com)
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Fast forward to 2022, there are several NBA players getting paid in crypto, or at least publicly interested in it.
- Klay Thompson- Golden State Warriors
Klay Thompson decided to receive part of his salary in Bitcoin crypto tokens. He and teammate Andre Iguodala announced that they would donate $1 million in Bitcoins among fans. He and Iguodala revealed that they had partnered with Jack Dorsey’s Cash App to facilitate the conversion of their salaries into Bitcoin, and intermediate the donations.
- Andre Iguodala- Golden State Warriors
As mentioned above, Iguodala joins teammate as NBA players who partially get paid in crypto.
- Cade Cunningham- Detroit Pistons
Cryptocurrency platform BlockFi has a multiyear partnership with Detroit’s No.1 overall pick Cade Cunningham. It was reported that Cunningham would receive his signing bonus from BlockFi directly in bitcoin. Although the financial details of the agreement have not been disclosed, Cunningham is certainly an example of an NBA player getting paid in crypto.
Crypto partnerships around the NBA.
- CJ McCollum- Portland Trailblazers
StormX, a leading provider of crypto cashback, has a partnership with the Portland Trail Blazers, and their star guard CJ McCcollum.
“We were drawn to CJ’s genuine interest in crypto, and the future state of blockchain technology,” said StormX CEO Simon Yu. “As advocates for allowing anyone to be able to earn crypto with ease, we were absolutely thrilled when we realized CJ saw what we stood for, and got it. His comprehension and openness to what to most is a new concept, further cemented our interest in working with him, and we can’t wait to see what our partnership brings.”
McCollum said he’s excited to partner with StormX.
“They’ve already done great things in Portland with the Trail Blazers, and I’m looking forward to working with them as they help to educate our fans on how easy it can be to get started in crypto,” McCollum said. “Together, we will work to help bring crypto to the mainstream!” (via Yahoo.com)
- Steph Curry- Golden State Warriors
Crypto interest is certainly contagious. Steph Curry entered into a partnership with the FTX, a fast-growing digital asset exchange. Curry received equity stake in this deal.
- LeBron James- Los Angeles Lakers
LeBron James is the latest NBA star to team up with a cryptocurrency company. The Lakers star is reportedly joining with Crypto.com to teach children about blockchain technology and what is being called “Web3.” (via CBS News)
Crypto.com also paid $700 million to rename Staples center in Los Angeles to Crypto.com Arena. Kevin Durant and his agent/partner Rich Kleiman announced that Thirty-Vice Ventures would expand their involvement with Coinbase to include further investment, a media partnership, philanthropy and even creative help on NFTs (via Netsdaily.com)
NBA Top Shot and Kevin Durant also recently collaborated on curated set of moments.
- Kevin Durant- Brooklyn Nets
In 2021, Kevin Durant landed an investment and endorsement deal with Coinbase.
- Paul Pierce- Retired
Apparently, Paul Pierce made more money in crypto than he did working with ESPN…
I expect more NBA players to be paid in crypto in the future.
In 2021, Sacramento Kings chairman, CEO, and Governor Vivek Ranadivé, announced that everyone in the Kings organization could receive their pay in as much bitcoin as they wanted.
“Sports can be a powerful platform to educate and embrace innovation,” said Sacramento Kings Owner and Chairman Vivek Ranadivé. “We are proud to partner with Ankr to further align our synergies around forward-thinking initiatives and provide fans educational opportunities about the crypto economy.” (via nba.com)
Several other NBA owners are involved in crypto in some capacity.
There are also several NBA players involved in the NFT space, including Kings’ Tyrese Haliburton who bought a $140,000 Bored Ape Yacht Club NFT.
Do you think this trend will continue? Will more NBA players get paid in crypto? Let us know your thoughts!