NBA star only sells 10% of its token contract

Professional basketball player Spencer Dinwiddie has received a disappointing response to his token stock offer in his $ 34 million contract with the National Basketball Association (NBA).

The token sale ended almost a year after it first announced that it was issuing value tokens, which are a fraction of ownership, in its contract with the NBA.where each “SD26 Professional Athlete Token” represented USD 150,000 participation in the contract.

Only eight investors are participating

The Brooklyn Nets security guard intended to sell 90 shares worth $ 13.5 million, but Form D filed with the U.S. Securities and Exchange Commission reveals this Only nine shares were issued in exchange for $ 1.35 million, which is only 10% of Dinwiddie’s goal.

NBA star only sells 10% of its token contract
NBA star only sells 10% of its token contract

This is indicated by Etherscan data Only eight investors took part in the offer and Dinwiddie has not recognized the completion of the sale on Twitter.

Dinwiddie’s long road to tokenization

After announcing token shares in his contract in September 2019, Dinwiddie faced fierce opposition from the NBA, which initially threatened to terminate Dinwiddie’s contract if the sale continued.

After a series of delays, the SEC report indicates this Dinwiddie started selling the tokens on January 10th.

There was evidence that sales were not going very well. In May, Dinwiddie also launched an unsuccessful crowdfunding campaign to sell the contract for the cash equivalent of 2,635.8 bitcoins (BTC), which was equivalent to $ 24.6 million at the time.

Dinwiddie tested positive for COVID-19

Dinwiddie will not take part in the next NBA restart because he gave positive for coronavirus testing in early July.

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