By Daniel CreechAugust 24, 2021

Dinwiddie’s got a new idea to bring crypto to the masses

NBA all-star Spencer Dinwiddie isn’t your typical professional athlete. Calling himself “just a tech guy with a jumper” sums up his personality and interests off the court.

The 6’6” point guard, who recently signed with the Washington Wizards, likes to “geek out” on topics like the Federal Reserve’s monetary policy… modern monetary theory (MMT)… and, of course, cryptos.

Last year, I highlighted how Dinwiddie attempted to tokenize his multimillion-dollar NBA contract… only to be hit with more than a few roadblocks. First, he got into a spat with the NBA over the legality of tokenizing his contract. After making changes to please the sports association, he ultimately failed to attract enough investors and shelved the deal.

While that particular venture didn’t pan out, it didn’t diminish Dinwiddie’s dedication to bringing crypto to the masses…

Most recently, he’s dedicated his off-the-court passions to cofounding a social media crypto app called Calaxy.

The app allows content creators to launch and sell tokens to fans—including non-fungible tokens (NFTs). NFTs are digital timestamps recorded on the blockchain that prove ownership of an item. Recently, works of art and other collectables have been sold as NFTs.

Calaxy is built on Hedera Hashgraph’s distributed ledger technology—a competitor of Ethereum. It allows for seamless transactions and a decentralized economy, giving users and developers more freedom than traditional platforms

The app aims to allow secure, seamless interaction between content creators and their fans—like video calls… direct messaging… and more. Dinwiddie also plans to charge half the fees vs. competitors, allowing content creators to earn more profits.

Celebrities like Teyana Taylor… NFL player Ezekiel Elliott… The Bachelor’s Matt James… and many more have signed on to launch/sell tokens to their fans.

(And who can blame them? With the hype around NFTs, it’s clear investors and fans want collector items/memorabilia as well as being part of the action… You may have heard about NFL superstar Rob Gronkowski selling his Super Bowl highlights as NFTs… or folks made famous by memes reclaiming the rights to their images.)

In July, Calaxy closed a $7.5 million capital raise… And a beta version of the app is expected to launch soon.

It’s great to see Dinwiddie following his passion and taking risks to build something for the masses. I’ll be following Calaxy in the coming months and keeping you posted as it develops—who knows, it may be a great investment opportunity one day.

Daniel Creech is a Curzio Research analyst with over a decade of experience. He writes on macro trends, large- and small-cap stocks, and digital securities. He’s a regular contributor to Wall Street Unplugged, Curzio Crypto, Curzio Research Advisory, and The Dollar Stock Club.

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