Calaxy, or Creator’s Galaxy, is a new social media app targeted at content creators founded by NBA player and blockchain enthusiast Spencer Dinwiddie. The app enables creators, including basketball stars, to issue personal crypto tokens.
The NBA star played around with a related concept last year by being the first NBA athlete to attempt to tokenize his player contract. NBA contracts ban players from transferring rights to their income, so he restructured the offering as a bond backed by business assets. However, the project only raised $1.35 million in tokens, 10% of his initial target. The key point is Dinwiddie was trying to tokenize an asset as a security token. In many ways, he was ahead of the game as security tokens are less established than cryptocurrency but are likely to be big in the future.
Now Dinwiddie has realized crypto tokens often represent something more vague. A creator or celebrity can simply issue tokens with no assets backing them. Those tokens could be used to pay for engagement with the celebrity, perhaps take a picture with them, message them or participate in an audio jam.
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