‘Crypto volatility is a problem’: NBA World erupts as news about former No. 1 draft pick emerges

The crypto market boom has also made its way into the NBA world. From sponsorships to advertisements, investments to NFTs, the league has found ways to profit from the upcoming new cryptocurrency market. In light of the recent market crisis, many platforms have been forced to account. And a few NBA players also face it.

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Cryptocurrency platform BlockFi has had a multi-year sponsorship deal since 2021 with former No. 1 draft pick Cade Cunningham. Reports claimed that 100% of his signing bonus would come from BlockFi in the form of Bitcoin tokens. The company intended to use Cunningham’s position of the Detroit Pistons to leverage educational and promotional videos regarding crypto.

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During this announcement last year, Zac Prince, CEO and co-founder of Block-Fi, praised Cade Cunningham for his collaboration. He said, “BlockFi will support him every step of the way.”

Notably, BlockFi is preparing to file for bankruptcy this year. Fans erupted on social media indicating the NBA player might be in trouble. They stated that “the volatility of cryptos is a problem”. Others were curious how big his signing bonus was.

They initially denied having any assets at FTX. However, they acknowledged that they did indeed have “significant exposure to FTX and related corporate entities”. The crypto platform has now restricted activity on the platform, justifying market volatility.

Several NBA players had invested in crypto

Klay Thompson of the Golden State Warriors has decided to get partial pay in Bitcoin tokens. His teammate, Andre Iguodala, teamed up with Thompson and Jack Dorsey’s Cash app to convert the same. Thompson said he believed his collaboration was because “it’s the future of money.”

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

NBA big names Stephen Curry and LeBron James have joined FTX and Crypto.com respectively. Curry received entries while LeBron was part of an outreach program that taught kids about blockchain technology.

Many other NBA players are also invested or interested in the NFT world. It will be interesting to see if this number now decreases following the latest developments in cryptocurrency.

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Watch this story: Recap the top 10 picks of the 2021 NBA Draft with Cade Cunningham

Do you think the collaboration between crypto companies and NBA players will decrease? Let us know what you think in the comments below.

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