Entertainment | Oct 4, 2021 | WOZINGA NEWS
NBA rejected Spencer Dinwiddie’s plan to pay $12 million for a Wizards cryptocurrency jersey patch
- Spencer Dinwiddie didn’t want to simply take over as point guard for the Washington Wizards. He also desired a spot on the team’s jersey.
By Elah Mae Ariate Wozinga Staff
Dinwiddie signed a three-year, $62 million contract with the Wizards this offseason. He told reporters at Washington’s media day that he tried to pay for a cryptocurrency-themed Wizards jersey patch, Yahoo Sports reported.
He was reportedly willing to pay the $12 million asking price. But league rules prevented him from doing so.
He later tweeted that he intended to promote Calaxy. A cryptocurrency app based on tokens that he launched earlier this year.
Spencer Dinwiddie remains a big cryptocurrency fan
The Wizards’ jersey patch sponsor for the 2021-22 season has yet to be determined. As the team’s promotional images have so far shown jerseys without a patch.
Geico had previously been the Wizards’ preferred sponsor since the NBA began allowing promotional jersey patches. However, its contract expired during the offseason.
Other teams’ jersey sponsors have changed. Most notably the Los Angeles Lakers and their five-year, $100 million deal with Korean food company Bibigo.
Dinwiddie has long been one of the most vocal cryptocurrency supporters in sports. He even promise to let fans pick his next team if they raised enough money in Bitcoin. A scheme that the NBA would almost certainly have frowned upon.
Dinwiddie’s GoFundMe campaign raised $1,160, far short of the $24.6 million goals he set.
Dinwiddie wants many investors to notice their cryptocurrency through Jersey Patch
The NBA also rejected a plan to tokenize Dinwiddie’s contract with the Brooklyn Nets. It would have essentially allowed fans to invest in Dinwiddie’s future earnings as a player.
Dinwiddie didn’t need a sports law expert to tell him that most of these plans were unlikely to succeed.
However, it’s possible that simply generating coverage for various cryptocurrency ideas was his initial goal, as it’s in crypto investors’ best interests to make as many people aware of their cryptocurrency as possible.
A jersey patch would be an excellent way to accomplish this.