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NBA star Spencer Dinwiddie raises $7.5 million for his crypto-fueled app

NBA superstar and Brooklyn Nets point guard Spencer Dinwiddie revealed on his Instagram on Thursday, July 1 that his token-based app for creators called ‘Calaxy’ has raised $7.5 million. The money will be used to further the app’s development and make Calaxy an effective avenue for creators who want to monetize their direct engagement with fans without a middleman.

The $7.5 million needed to complete the app was raised through an agreement for future tokens (SAFT) that investors can either redeem in the form of Calaxy tokens called ‘CLXY’ or in exchange for equity in the Calaxy app.

Moreover, stock exchange Nasdaq reported on July 1 that the fund for Calaxy was raised by several famous individuals such as National Football League star Ezekiel Elliott, Matt James from ‘The Bachelor’, NFL player Larry Ogunjobi, Genesis Block Ventures, NGC Ventures, ArkStream Capital, Red Beard Ventures and Animoca Brands.

In his interview with CoinDesk on July 1, Dinwiddie shared that the most exciting thing now after amassing the funds needed is getting Calaxy in the hands of the fans and being able to accept feedback.

As of now, the app has only been tested internally but Calaxy’s COO and co-founder Solo Ceesay has confirmed with CoinDesk that the app will go into public beta in just a few weeks.

‘What that means is we’re going to have a Clubhouse-style rollout, where we invite influencers along with their communities, and one-by-one try to drive some FOMO to the platform,’ Ceesay shared.

Some of the initial influencers and creators who will participate in the public beta include NBA player Iman Shumpert, singer and songwriter Teyana Taylor, Claudia Sampedro from WAGS Miami and social media influencers such as Chaz Smith, Chozus and Eric Struk.

Calaxy is a mashup of ‘Creator’s Galaxy’ and according to its beta website, the app will allow creators and fans to have a more intimate interaction through a suite of familiar and new features using ‘cutting-edge’ blockchain technology.

Using Calaxy, content creators and celebrities worldwide can interact with their fans through video messages, online classes, video calls, and fan club subscriptions when their followers purchase their tokens.

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