Spencer Dinwiddie Could Decentralize Pro Sports

In partnership with crypto firm Paxos, NBA guard Spencer Dinwiddie is looking to raise $13.5 million by tokenizing the first year of his three-year, $34.5 million contract.

While the initial token offering is only set for this first season, Dinwiddie said in an interview with CoinDesk that he would include an option for token holders to continue their investments through the second and third years of his current contract.

In return, DREAM Fan Shares investors receive SD8 tokens, named for Dinwiddie's initials and number.

Only accredited investors - those with a net worth of at least $1 million or income of at least $200,000 in each of the last two years - can participate in the token sale.

Paxos Trust Company will provide custody and escrow services for the project, paying token holders by way of its dollar-pegged stablecoin, the Paxos Standard.

My current contract will be the first Professional Athlete Investment Token.

Because the tokens would not be tied to the legacy financial system, they may well be recession-resistant, he said.

Dinwiddie envisions a system where an investor would be able to trade, for example, one of his tokens for a token based on the far more lucrative contracts of Kevin Durant or Lebron James.

Athletes wouldn't be the only individuals able to set up such tokens.

Dinwiddie believes an individual from any entertainment industry should be able to set up a similar token, even if specific details about their respective contracts vary.