NBA Player’s Token Sale Just Hit 10 Percent Of Actual Goal
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NBA Player’s Token Sale Just Hit 10 Percent Of Actual Goal

July 23, 2020      Jyoti Singh

The professional basketball player Spencer Dinwiddie, who fought for months with the National Basketball Association (NBA) for his plan to tokenize his $34 million contracts, has recently received an unsatisfied response to his offering.

A year ago, Dinwiddie expressed that he wants issue security tokens which could represent his share of ownership in the NBA contract.

According to the report, each SD26 Professional Athlete Token depicts that there is a $150,000 stake in the contract.

Only 9 Shares Are Issued

When Dinwiddie made an announcement regarding the sale, he stated that he would sale 90 shares worth $13.5million. But recently, the US Securities and Exchange Commission (SEC) notified that when it got the Form D of regulatory filings, it found out that till date only 9 shares worth $1.35 million had been issued by the exchanges, which is just the 10 percent of Dinwiddie’s target.

Data released by Etherscan indicated that there were only eight investors around the who participated in the offering organized by Dinwiddie, and when the sale was over the Brooklyn Nets guard it on Twitter.

In September 2019, Dinwiddie stated that the NBA should also include the issuance of tokenized shares in his contract, but the professional basketball league association refused to do so. It even threatened Dinwiddie by saying that along with the sale of tokenized shares, it would sell his contract too.

NBA Player Launches Crowdfunding

Dinwiddie struggled a lot for the sale which started on January 10, according to the SEC filing.

Dinwiddie got so many signs which shows that the sale of a tokenized share in the market is not going very well. Therefore, in May he initiated a crowdfunding campaign to sell the contract for cash equivalent to 2,635.8 BTC, worth $24.6 million. But that sale did not do well in the market.

Soon, the NBA is going to restart, but Dinwiddie would not be able to participate in that match because he has been tested COVID positive in early July.

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#Brooklyn Nets guard #COVID #Etherscan #Form D #National Basketball Association (NBA) #Professional basketball player Spencer Dinwiddie #SD26 Professional Athlete Token #US Securities and Exchange Commission (SEC)
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.