College football puts NFTs in the NIL game
The Future. After the recent regulation changes, college athletes can now make money off their NIL (name, image, and likeness). And some NCAA universities are opening NFT marketplaces to take advantage. The venture could make everyone a little money, especially since NFTs are tied to physical perks or benefits at games… and especially after National Research Group found that 59% of fans believe that the “true value of NFTs will be in the experiences they provide.”
Insider has the play-by-play on how collegiate athletic programs are getting in on the NFT game.
- Brigham Young University (BYU) launched an NFT marketplace called Cougs Rise in partnership with Web3 company Ocavu.
- Syracuse University — along with three other universities — are selling NFTs through Fantastec’s SWAP app.
- The NFTs include things like virtual trading cards, game highlights, and other digital memorabilia.
- But the most requested aspect of the NFTs are physical experiences such as VIP tickets, field access, and concession vouchers.
As players decide to become more involved, they could also offer meet-and-greets or even meals with fans.
The NIL NFTs are a win-win-win for the school, the athletes, and the NFT companies because everyone gets a cut. And when the NFTs feature the team, the whole team gets a cut.
Reportedly, the revenue generated is not going to make anyone rich, but the mix of financial benefits and “exposure for themselves and their individual brand,” according to Syracuse’s director of NIL Mark Wheeler, still makes the venture an overall positive.
The best part? Players don’t really have to do anything to take part in the NFTs except play… which they’re doing anyway.