Cade McNamara, Michigan’s starting quarterback, has signed an NIL (name, image and likeness) deal with cryptocurrency organisation, More Management. Th deal allows the Michigan Football team player to be paid in crypto, specifically Morecoin (MORE), for any social media deals and attending events.
New Rules for College Football Teams and NFTs
The NCAA recently released a new set of rules that now allows college players to profit off of their name, image and likeness. They haven’t been able to do this before, despite many people fighting for these rights for years. College athletes were previously not be allowed to be paid, until now. However, college coaches have been paid huge sums of money throughout their careers. Some of being the highest-paid public employees in most States. The players would sometimes often need to get a part-time job to keep up with expenses. Cade McNamara’s crypto deal is one of many examples of how NCAA athletes are making money post-rule change.
The Details of the Cade McNamara Crypto Deal
More Management spokesperson, Katie Ellis, speaking about McNamara’s crypto deal, told Maize n Brew: “Cade will be paid in MORE and he will have a Bittrex account. Cade, like any of our athletes, has the option to be paid in cash or crypto — but a portion will be in MORE. This is pretty cutting edge compared to most NIL deals — it’s not just t-shirts with your number on it.” Morecoin’s price currently sits at $0.08 (as of August 29) despite previously trading at an all-time high of $9.91 in 2017, so the portion of his deal that’ll be paid in crypto will be dependant on the price of MORE at any given time.
In addition to Cade’s Crypto Deal, MORE has partnerships with many mainstream celebrities. These include 21 Savage, Cardi B, Migos, Saweetie and Rich the Kid. We can see that they have a solid track record in the music industry. Now they hope to jump into the sports industry and have the same kind of impact.