Name Image Likeness deals have taken college sports by storm since being introduced this summer. Raising Cane’s signed athletes; Porsche dipped their hands into it and a gang of local businesses have also signed athletes. NIL deals look to be a win-win for the players and companies.
Beyond normal local businesses and car dealerships, cryptocurrency companies have emerged as a major player in this space.
This month, it was announced that the University of Kentucky’s men’s basketball team had inked a deal with FTX US, an onlineexchange that gives traders in the United States a place to trade and exchange cryptocurrency.
Cryptocurrency is believed to be the future currency of the world by many and now the Kentucky basketball team have dipped their hands into it after they signed a deal with FTX US. As part of the deal, every single player on the team will receive a monthly stipend that’ll be deposited onto their FTX debit card. More than just the financial compensation, this deal is notable because it will provide the players with the tools and resources to navigate the cryptocurrency landscape and invest in their futures.
“Outside of the well-deserved financial compensation,” said Avi Dabir, vice president of business development at FTX.US in a press release, “we will be assisting in the student athletes’ education of digital assets so that they can make informed investment decisions as they look to enter the space.”
Additionally, each player will have the chance to create NFT’s on the FTX NFT marketplace as part of the deal. This is probably the best NIL deal thus far. It includes every player being brand ambassadors of the business, every player being paid, every player getting investment assistance and every player has a chance to create and bring in more revenue from NFT’s. Win-win for both sides.
Moving forward, this type of deal is a milestone of how cryptocurrency has impacted the mainstream. Whereas crypto was an interest for most, the biggest marketplace is now partnered with one of college basketball’s most iconic programs. FTX.US and the University of Kentucky are capitalizing on the many changes that society is undergoing, taking advantage of the ways that crypto is taking over traditional financial institutions and the ways that NIL has changed the college basketball landscape. Together, they’re paving a new future; hopefully, the rest of the world will catch up soon.