Cryptocurrency has been a hot commodity over the last year, and it's gained popularity in many circles. It's easy to see the potential benefits of digital currencies, and many people around the world are invested in some form of cryptocurrency.
The NBA world also has players that are interested in cryptocurrency. Even the latest No. 1 pick, Cade Cunningham, already has an endorsement deal with BlockFi, a cryptocurrency platform. Dinwiddie is certainly one of those players. Chase Hughes of NBC Sports reported that Spencer Dinwiddie was willing to buy the Wizards' jersey patch, in order to advertise cryptocurrency. The price was a hefty $12 million, but it was a sum Dinwiddie was willing to pay. However, it didn't matter in the end, as his plans were put to a halt by the league.
It seems as though Dinwiddie was just trying to promote his cryptocurrency endeavor, as he made a Tweet confirming the report, while also tagging the Twitter account for CalaxyApp. Calaxy is certainly an intriguing venture, and Dinwiddie once spoke briefly with Jeff Wilser of CoinDesk about what it entails. It seems as though it is designed to help fans connect directly with "entertainers and influencers" by getting fans to buy tokens, which can be redeemed for "direct access and perks".
And now we have a clearer idea of what’s coming: Calaxy, a mash-up of “Creator’s Galaxy.” Dinwiddie is the founder and CEO. Dinwiddie describes Calaxy, which is still in beta, as a “social media super app from the future, designed by Creators for Creators.”
Calaxy is essentially a cocktail of fan tokens, OnlyFans, Patreon, social media and a supercharged Cameo. Here’s how it works. For fans, you can buy tokens of entertainers and influencers (such as Dallas Cowboys running back Ezekiel Elliott) and then use those tokens for direct access and perks, without the usual middlemen.
For creators and entertainers, you can raise funds through those very tokens, and then use the tokens to monetize your direct engagements with fans.
Dinwiddie has been in the space since 2017, he’s an investor in multiple projects (including Dapper Labs, which developed NBA Top Shot) and you almost get the sense that crypto is not just a side hustle but his true calling. He once described himself as “just a tech guy with a jumper.”
The app seems like an idea that fans could enjoy, and there's no doubt that it could be interesting to have direct access to content creators like never before. It's an ambitious endeavor, but it seems as though Spencer Dinwiddie is willing to put in the money to promote it and make it work.
It's unfortunate that the league rejected Spencer Dinwiddie's proposal, but there are certainly other ways in which he can promote his app. It's admirable that Spencer Dinwiddie can be a full-time business owner and NBA player, and hopefully, he finds success with his ventures off the court.