Basketball Token: Brooklyn Nets Spencer Dinwiddie to Tokenize Contract

Update (9/27/19): The National Basketball Association has released a statement against the investment vehicle for the time being. For the full story, click here.

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Brooklyn Nets Point Guard Spencer Dinwiddie is the latest athlete to make a major commitment to the blockchain and tokenization. On the heels of Los Angeles Chargers Offensive Lineman Russell Okung‘s Bitcoin_is movement, Dinwiddie has launched DREAM Fan Shares, a new platform that uses the Ethereum blockchain to empower athletes, artists, and influencers to take control of their financial destiny by structuring debt securities represented by Professional Athlete Investment Tokens (PAInTs)

Dinwiddie’s contract will be the first to debut on the platform. Holders of the PAInTs, referred to as SD8 Tokens, will be entitled to regular principal and interest payments backed by his NBA contract. Dinwiddie tweeted:

After about a year of hard work Welcome to @DreamFanShares! We believe in #blockchain and #DeFi

— Spencer Dinwiddie (@SDinwiddie_25) September 26, 2019

Dinwiddie’s investment profile describes him as:

• 2nd round pick in 2014 NBA Draft
• Currently playing for Brooklyn Nets (#8, Point Guard)
• 2018 All-Star Weekend “Skills Challenge” winner
• First player in NBA history to record 35-plus points, 10-plus assists, and seven 3-point field goals made off the bench in a game
• Recently signed 3-year contract extension beginning in October 2019
• Blockchain enthusiast who believes that this emerging technology offers the potential to help generate and preserve wealth for athletes, artists, and influencers

And lists investment terms as:

• Minimum Investment: $150,000
• Open Date: October 14, 2019
• Minimum Offering Amount: $4,950,000 (33 tokens)
• Maximum Offering Amount: $13,500,000 (90 tokens)
• Offering: Reg. D 506(C)
• Funds Accepted In: BTC, ETH, USD

The offering will launch only for accredited investors, with Dinwiddie commenting:

FUD likely
Cold stretches shouldnt matter much but HODL is probably the smart move
SEC restrictions etc…
Accredited investors first. Can’t jeopardize an asset class on the first go round.
Ethos is grounded in the people, want this to be accessible to every fan in time #DREAMbig

— Spencer Dinwiddie (@SDinwiddie_25) September 26, 2019

The site teases with “Coming Soon” that baseball and hockey player contracts may be the next to go live, but does not say when.

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This article is for informational purposes only and is not a recommendation to invest in any financial products.