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{
    "name": "Contract Myro",
    "description": "On September 12th, 2019: Spencer announced that he planned to go public with $SD8 \u2014 a token offered by his company DREAM Fan Shares \u2014 that would allow US-accredited investors to buy into his then 3-year, $34.4 million NBA contract with the Brooklyn Nets. This process is known as \u201csecuritization\u201d \u2014 essentially unlocking fractional ownership of an asset.. which in this case was Spencer\u2019s contract.\n\nOn September 27th, 2019: The NBA notified Spencer that he could not tokenize his contract. They issued the following statement to the New York Times: \u201cAccording to recent reports, Spencer Dinwiddie intends to sell investors a \u2018tokenized security\u2019 that will be backed by his player contract. The described arrangement is prohibited by the C.B.A., which provides that \u2018no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.\u2019\u201d\n\nOn that same day, Spencer got on the phone with the league to arrange a meetup to try and change their minds on that day\u2019s ruling. \u201cWhen I was on the phone with the league, I told them it wasn\u2019t an assignment. And they invited me to sit down with them and explain the offering, which is what I\u2019m going to do.\u201d\n\nAfter months of back and forth with the league, Spencer announced on Jan 10, 2020 that he would be moving forward with his $SD8 token sale - marking the first securitized NBA contract in history, and serving as a viable proof-of-concept for tokenization of an asset like this. Solo Ceesay \u2014 Penn Alum and then Wall Street securitization banker at Citi Group, was working with Spencer behind the scenes on this deal. Their time together marked the beginning of a partnership that has carried forward in the co-founding of Calaxy Inc.\n\n\u201cContract Myro\u201d is a tribute to Spencer\u2019s tech ambitions and more specifically his pioneering character in the crypto space both on and off the court. The paper mache-style newspaper scraps are of all the headlines around the time this story was taking place. Myro is cut out of the opening page of the Private Placement Memorandum sent to all participating accredited investors, dated July 7, 2020.",
    "image": "ipfs://bafybeichhjmdjat5z7rkdw4s2hy3fn623jme6yywfzq7iyjkm66aservpi",
    "type": "image/jpeg"
}