NBA Brooklyn Nets player Spencer Dinwiddie talked with Bloomberg about the potential of crypto in sports fan engagement. Dinwiddie was the first athlete in the NBA to tokenize his contract on blockchain and launched the Calaxy app that enables content creators to issue personal tokens.
When Dinwiddie attempted to tokenize his basketball contract, he wasn’t allowed. Instead, he issued a bond on business assets and was able to sell only nine of the 90 tokens at $150,000 each, hitting 10% of the $13.5 million target sale. Nevertheless, Dinwiddie says his experience opened doors for other non-traditional sports contracts that give new opportunities for players to monetize their name and for fans to engage with the athletes.
Calaxy is one of those opportunities. In the conversation, Dinwiddie mentioned a future where people will be able to buy stock in other people, mainly athletes and branded personalities. This reality is still abstract and securities laws make that tricky, but Calaxy’s platform is a step in that direction. By letting creators issue tokens under their own name, the app lets a market decide the value of the issuer’s brand. The trading of personality tokens and volatility in price according to their popularity may resemble stock investing, although issuers will push the benefits of engaging with athletes.
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