Brooklyn Nets star Spencer Dinwiddie managed to sell 10% of his three-year tokenized contract shares to 8 different investors as of Wednesday and raised $1.35 million.
NBA’s Brooklyn Nets star Spencer Dinwiddie continues to make strides in his crypto investment business. As of yesterday, the revered and legendary Brooklyn Nets’ point guard Dinwiddie, through his company, had managed to sell 10% of his three-year tokenized contract shares to eight different investors.
Dinwiddie, 27 years of age, refers to himself as a tech guy with a jumper. He has walked through the world of digital assets and found a niche through his career to tap financially into the technology.
Spencer Dinwiddie and His Tokenized Contract Shares
According to him, he decided to tokenize his three-year NBA’s Brooklyn Nets contract, worth $34million, to involve his fans directly into his career and also motivate himself through technology to be a better player.
With one share of a tokenized contract priced at $150,000, Sinwiddie expected to raise $13.5 million in the 90 share sale.
Dinwiddie announced earlier that he planned to go public with an “$SD8” token offered by his company DREAM Fan Shares that would enable investors to essentially buy into Dinwiddie’s three-year, $34.4 million N.B.A. contract.
Speaking to the media, Spencer said that the project is well in course and so far happy with the progress. This came even after the NBA tested positive for COVID-19, which put him at risk of missing this season’s playoffs.
With his career already at halt due to the ongoing coronavirus pandemic that did stop this year’s season for a while, the sale was surely going to be negatively affected. According to the project’s details, the contract tokens are more like bets that Spencer’s career will be progressive in the future hence earn some commission out of holding.
Bigger Picture
Despite not being a complete sale at the ending of the sale scheduled time, his project is going to be a game changer in the sports and digital asset field. More innovative ideas are likely to come up from renown players involving digital assets that directly involve their fans in their career.
Spencer contract tokenized shares were being managed and sold by Tritaurian Capital headed by CEO William Heyn. His journey has not been smooth all through. Last year during the early stages of the project, he experienced friction due to the agreement signed with the employer.
Initially the NBA officials were arguing the project might put at risk their bargaining power on the contract.
According to recent reports, Spencer Dinwiddie intends to sell investors a ‘tokenized security’ that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract,” the NBA official argued.
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