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“Crypto Volatility Is a Problem”: NBA World Erupts as Concerning News Emerges on Former #1 Draft Pick

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The boom of the crypto market made its way into the NBA world as well. From sponsorships to advertisements, and from investments to NFTs, the league found ways to money in on the brand new and upcoming market of cryptocurrency. In light of the recent crisis out there, many platforms have been compelled to be held accountable. And a number of NBA players are facing the brunt of it as well.

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Cryptocurrency platform BlockFi has had a multi-year sponsorship deal since 2021 with the previous #1 draft pick, Cade Cunningham. Reports claimed that 100% of his signing bonus’ would come from BlockFi in the shape of Bitcoin tokens. The corporate intended to make use of the Detroit Pistons‘ Cunningham’s position to leverage educational and promotional videos regarding crypto.

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Last yr at this announcement, Zac Prince who’s the CEO and co-founder of Block-Fi, praised Cade Cunningham for his collaboration. He said, “BlockFi will support him every step of the way in which.”

Notably, BlockFi is preparing to file for bankruptcy this yr. Fans erupted on social media, connecting that the NBA player can have some problems. They stated that “crypto volatility is an issue”. Others were inquisitive about how sizeable was his signing bonus.

He probably cashed that out as soon as he could.

— MI Livin’ (@livin_mi) November 15, 2022

guys its his BLOCKFI signing bonus, not his NBA contract signing bonus.

— John Z (@johnz00121) November 15, 2022

They’d initially denied that they’d assets at FTX. Nevertheless, they acknowledged that they indeed have “significant exposure to FTX and associated corporate entities”. The crypto platform has now restricted activity on the platform, justifying the market’s volatility.

Several NBA players had invested in crypto

Klay Thompson from the Golden State Warriors decided to get a partial salary in Bitcoin tokens. His teammate, Andre Iguodala, partnered up with Thompson and Jack Dorsey’s Money App to convert the identical. Thompson said that he believed that his collaboration was because “it’s the long run of cash”.

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Latest Orleans Pelicans star CJ McCollum’s interest within the crypto world led to a partnership with StormX. McCollum also desired to help “bring crypto to the mainstream”.

NBA greats Stephen Curry and LeBron James have joined FTX and Crypto.com respectively. Curry received equity stakes while LeBron was a part of an awareness program that taught children about blockchain technology.

Many more NBA players are invested or curious about the NFT world as well. It’ll be interesting to see if that number now decreases following the newest developments involving cryptocurrency.

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Watch This Story: Recapping Through the Top 10 Picks of the 2021 NBA Draft Featuring Cade Cunningham

Do you think that the collaboration between crypto corporations and NBA players will reduce? Tell us what you think that within the comments below.

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