Brooklyn Nets Guard Set To Launch Digital Token Next Week

Spencer Dinwiddie, the Brooklyn Nets guard, is set to launch his token-based investment vehicle on Monday, according to Forbes.

This announcement comes after months of delays and the NBA threating to ban Dinwiddie from the league. Dinwiddie originally planned to launch DREAM Fan Shares, a blockchain-based investment platform, where he’ll sell 90 SD8 coins that will allow Dinwiddie to collect up to $13.5 million of his guaranteed three-year, $34 million contract up front.

The NBA originally squashed the plan because it promised significant dividends for investors if the guard opted out of the final year of his contract in 2021 and agreed to a more lucrative contract. The league considered his player option legal gambling and it would have been cause for termination.

Dinwiddie and the league agreed to a plan that would eliminate the player option element from the original plan. Dinwiddie will sell his securities-backed SD8 tokens, which can’t be traded for a year, for $150,000 per token.

By Ramsey Baker

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