Hopefully (but unlikely) Spencer talked to lawyers first, as his token would be a textbook example of a security, and this sale would appear to be a public offering as defined by securities laws and regulations.
Alternatively, this could be a scam or a marketing stunt.
The article says that it's an STO, which is a tokenized security on a blockchain. These are usually filed under SEC Form D and are offered only to accredited investors.
I'm wondering what benefit this offers over getting a traditional loan from an institution, which he could (likely) get against the value of his contract. There is definitely publicity. Anything else?