Basketball player Spencer Dinwiddie of the Brooklyn Nets NBA team announced that Dream Fan Shares security tokens will be released on January 13. They were developed in collaboration with the company Secritize and allow the fans to invest in the future of the athletes.
The Spencer Dinwiddie bond launches January 13th. Also also be taking 8 fans to ASW with me. #NBAVote pic.twitter.com/dhXKt0qPqh
– Spencer Dinwiddie (@ SDinwiddie_25) January 10, 2020
Dinwiddie announced for the first time the launch of its new investment platform, DREAM Fan Shares, on September 26, 2019. According to the press release:
“DREAM Fan Shares will be a portal for fans and fans who want to invest in the potential success of athletes and celebrities.”
Each professional athlete on the platform will have their own token called PAInTs (Professional Athlete Investment Tokens). Dinwiddie developed the SD8 token through its own company SD8 LLC.
Spencer Dinwiddie planned to sell security SD8 tokens on the DREAM platform, in exchange for millions of dollars from his contract, totaling $ 34 million.
The NBA considers it a risky project
The NBA expressed concern over Dinwiddie’s plans. They alleged that the dividends paid to the investors depended on the circumstances of the player. The basketball organization considered the project risky for Dinwiddie’s career.
He managed to reach a compromise with the NBA, eliminating the player option and completing the release plans.
“Dinwiddie will sell SD8 tokens, which cannot be traded for one year, to accredited investors, pursuant to SEC Regulation, Article 506 (c)”
is mentioned in a Forbes article.
This format allows NBA players greater flexibility for investment, taking advantage of the opportunity costs included in their contracts.
Securitize has demonstrated its support for Dinwiddie, with a tweet posted by CEO Carlos Domingo.
at @securitize we are extremely excited and proud to be the digital transfer agent and technology partner @ SDinwiddie_25 and @DreamFanShares world’s first Professional Athlete Investment Security Token. Innovation takes courage, kudos. https://t.co/F7STPJfWaw
– Carlos Domingo (@carlosdomingo) January 10, 2020
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