College athletes are now allowed to profit off their own name, image and likeness.
From their digital nature to the ease at which athletes can profit from them, NFTs became one of the most popular vehicles in the first year of name, image, and likeness.
Companies flocked to the industry — some existing sports memorabilia brands created NFT products, while many new companies popped up specifically for the space. Brands poured more cash into NFTs and trading cards than any other segment of NIL activity, comprising more than 17% of the NIL market, according to data from Opendorse.
The Different Approaches It’s difficult to call any type of NFT “traditional,” given the concept itself is so young. But if there is a protyptical NFT, it would be a virtual trading card — either highlighting an athlete or a key moment in their career. Companies like Topps, Signing Day, and Candy Digital used that model, but many other approaches have been taken since.“The NFT is a very, very broad thing,” co-founder and CEO of The Players’ Lounge and former NFL player, Keith Marshall, told FOS.
Founders agreed that in many cases, NFTs require much less effort than other NIL activities — which is particularly important for athletes’ busy schedules. Bush said that some Legacy League athletes have been discovered by other brands who wanted to partner with them, based on their personal interests. “It’s sort of like a launching pad,” he said.
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