The NFT world is gearing up for a wave of college athlete NFTs. In the last couple of weeks, many college athletes have not only released their NFTs, but some have even started their own NFT companies.
This is all thanks to a landmark decision by the National Collegiate Athletic Association (NCAA). NCAA is a nonprofit organization that regulates athletes in over 1,200 North American universities. On June 30, the organization passed a new temporary rule allowing college athletes to sign business deals, giving rise to a new set of NFTs.
What the new NCAA rules mean for College Athlete NFTs
In April this year, University of Iowa senior Luka Garza, auctioned his NFT. However, there was a catch. The AP Men’s College Basketball Player of the Year had to wait till his college career concluded to sell his NFT. This is because the then NCAA rules prohibited athletes from benefitting from their name, image, and likeness (NIL).
Late last month, the organization announced new interim rules by which college athletes can profit off their NIL. This significant change in the college sports world means that athletes can sign sponsorship deals, online endorsements, and personal appearances.
“This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities,” NCAA President Mark Emmert said in a press release.
Soon, several athletes began signing deals and dropping NFTs. For instance, Florida State University quarterback McKenzie Milton partnered with University of Miami quarterback D’Eric King to start an NFT company. Called Dreamfield, the company offers a platform to book live events for student athletes. Milton has already auctioned his first NFT, which is believed to be the first for an active college athlete, reported ESPN.
Spencer Dinwiddie to recruit college athletes
NBA player Spencer Dinwiddie, meanwhile, has announced plans to recruit college athletes for his influencer platform Calaxy, reported Decrypt. The NBA star predicts that the industry will get more athlete NFTs, both from colleges and pros. As a result, major leagues are bound to hop on the NFT craze.
“With NFL athletes doing their NFTs, you’ll see the NFL make more of a push, because no league wants to be in a situation where they feel like the players are going to run off and front-run something that they can’t have control over,” Dinwiddie said. “So the NFL is going to get into the game, it’s inevitable.”
Currently, big leagues like NBA are already a notable presence in the NFT space with NBA Top Shot. Similarly, Major League Baseball (MLB) has also hopped on the NFT bandwagon. With NCAA’s new rules, more college athlete NFTs are bound to come up in the near future. The major shift in the college sports world could also give a boost to the NFT market which recently faced a lull in sales.
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