Brooklyn Nets point guard Spencer Dinwiddie discussed his plan to launch his securities-backed token on Monday. Over the next month, he stands to make $13.5 million. But Dinwiddie's plan did not come without serious opposition from the NBA, which had threatened to terminate his contract.
“Pretty much what they said was that the player option was gambling,” he said, “and that would’ve been cause for termination.”... [+]Over the last several months, Dinwiddie said he and his representatives, including a legal team and a Players Association official, met with the league four times in person and spoke three times over the phone about the plan.
Part of the league’s opposition, Dinwiddie thought, was based off of fear, because of how new and innovative the idea was. Dinwiddie is going to sell his securities-backed SD8 tokens, which can’t be traded for a year, for $150,000 apiece to verified accredited investors under. What he created, he said, allows players to structure and issue debt instruments in digital token form to invest their money how they’d like. It would function as a decentralization of the personal loan to athletes through bonds they create with their guaranteed contracts as collateral.
When contacted regarding the NBA’s stance on Dinwiddie’s plan, a league spokesman released the following statement on Thursday: “All those things I said in there are authentic. I’m passionate about blockchain as a whole, decentralized finance as a whole,” Dinwiddie said, adding that Tony Stark is his favorite superhero. “For the fans, thank you for believing in me. So really it’s just tying everybody together, kinda trying to show the community and fan base, even though the league tried to take a lot of that out, it’s really showing what it means to bring people together because we’re more powerful when we’re together.
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