The NBA won’t allow a player to buy their own team’s shirt sponsorship to promote their crypto app

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Spencer Dinwiddie only played three games last season before tearing a partial cruciate ligament, an injury that left him out for the rest of the year. But he has hardly rested on his laurels. Dinwiddie is fascinated by alternative forms of income and has explored many possibilities.

Most recently, he tried to promote the cryptocurrency app Calaxy, in which he has invested, on the shirt of the Washington Wizards. However, the NBA turned it down on the grounds of a conflict of interest. The league prevents players and owners from doing business together.

Rob Carr / Getty Images

Dinwiddie confirmed the news on Twitter and at Washington Wizards Media Day:

The new guardian of the wizards said he paid full price – $ 12 million – for the patch that would be placed under the left shoulder on the team’s jerseys. Being in a tech and government forge like Washington, DC, is fascinating for Dinwiddie, although his primary focus is basketball. He will earn $ 17.1 million this season under a three-year $ 54 million deal he signed last off-season with the Brooklyn Nets.

The 28-year-old has had some interesting financial moments over the course of his NBA career. In 2019, he attempted to symbolize his $ 34 million contract with the Nets. That would have been a first for an NBA player, as most of the money was prepaid and paid back to investors over the life of the deal.

However, the NBA does not allow players to transfer rights to their income, so Dinwiddie restructured its offering as a bond backed by business assets. Ultimately, Dinwiddie rose $ 1.35 million in tokens, which was 10% of its target.

Last year he offered fans the chance to choose their next free agent destination when they raised $ 24.6 million in bitcoin. That didn’t happen, but it was an intriguing potential outcome.

We’ll see which company the wizards end up putting on their jerseys, though we doubt this will be the last we hear of Calaxys and Dinwiddie’s interest in crypto space.

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