A growing number of athletes are turning to tokenizing their contracts, which are paid in cryptocurrency. One such athlete is Calaxy Co-Founder & Executive Chair Spencer Dinwiddie, a Dallas Mavericks guard, who joins Wealth! to discuss his thought process and outlook on the cryptocurrency market.

"When we look at investing in digital assets as an asset class, I think you need to take a long-term perspective," he tells Yahoo Finance, noting that "it's not all sunshine and rainbows all the time" and advising individuals to understand their risk tolerance.

Dinwiddie highlights bitcoin's (BTC-USD) rise to $100,000 per coin as "a legitimate talking point," though he acknowledges it's "still seen as a gambling chip." He views bitcoin investments as two-fold: a hedge against inflation and a method to engage NBA fans through NFTs and ticket sales.

Discussing his personal business Calaxy, Dinwiddie emphasizes the importance of community in the broader crypto landscape. "We're now focusing on token-gated subscriptions, inspiring communities, and showing different ways to open and close communities, and interact in an engaging way and in a safe model," he explains.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Angel Smith