The fans of the Los Angeles Lakers are elated after Rob Pelinka added Spencer Dinwiddie to the roster. While the news of a point guard is pleasant for the Lakers Nation, every enthusiast seemed to be baffled after hearing some interesting details of Dinwiddie’s contract. A few years ago, Dinwiddie tried tokenizing his $34 million contract. Now, as bizarre as it sounds, the 30-year-old is set to receive a $1 bonus if the LA side wins the championship.
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Once the details of the $1 bonus went viral on social media, there was a lot of confusion among fans. However, during Monday’s media availability, Dinwiddie decided to clear all the mix-up. While talking to the reporters, the 10-year veteran revealed that the $1 bonus was a way for him to bond with his agent Jason Glushon. This same bonus has been a clause in his contract since his stint for the Washington Wizards.
“In my last deal there was a series of bonuses… One of those being the dollar championship bonus. Lot of people thought it was kind of funny at the time cause I was signed to the Wizards. But me and Glushon basically made a deal that we gonna keep it in whatever deal I sign, if possible, going forward. It’s kind of like just the thing me and him bond over… It has more to sort of do with the tie between me and my agent than anything,” Dinwiddie explained.
The 6ft 5” combo guard had this deal added as a clause during his tenure with the Washington Wizards. Since parting ways with the Wizards, Dinwiddie proceeded to represent the Dallas Mavericks and the Brooklyn Nets. Now that he’s part of the star-studded Los Angeles Lakers, this is his best shot at winning a ring and also securing the $1 bonus.
Spencer Dinwiddie is set to earn $1,554,664 for the 2023-2024 season. If the Purple & Gold do end up not winning the NBA Finals, the $1 lost shouldn’t cause a massive hole in his pocket.
Spencer Dinwiddie tried turning his contract into cryptocurrency
Back in 2020, Spencer Dinwiddie tried to become the first athlete to tokenize his contract. By tokenizing 40% of his three-year, $34.46 million contract, Dinwiddie will receive the full value of his contract up front instead of waiting three years.
Mike Orcutt of MIT Technology Review explained the dynamics behind the same. He mentioned how Dinwiddie was breaking down his contract to 90 tokens with a worth of $150,000 each. Scrutinizing with his legal team as well, the NBA star stated that the tokens will become tradeable after a year with the digital security being paid 4.95% every month. Unfortunately, the project only managed to raise 10% of the initial target, selling only nine tokens or $1.35 million.
Several years later, Spencer Dinwiddie feels less “crazy” after cryptocurrency has been more talked about and accepted by his peers. During an interview appearance, the guard explained how players of all ages were open to having a conversation about cryptocurrency.
“I think one of the cool things about the NBA, even in the age gap that we have let’s say 18-35 roughly, a lot of the older guys are still looking to invest make money… But yeah I think with people that are more familiar with NFTs, Web 3, it’s just a more seamless conversation….Just looking at the evolution over 6 years I’m not crazy anymore,” Dinwiddie revealed.
Even though Dinwiddie’s plan didn’t reach its full potential, it was successful in educating other athletes about the benefits of cryptocurrency. It won’t be surprising to see more players wanting to follow Spencer’s steps and display their interest in digital currency.
