Web 3.0 to help college athletes monetize their image rights — all you need to know
NIL rights became a hot topic for college athletes in the USA last year. For the first time in its history, NCAA eased the restrictions on endorsements and how the young and up-and-coming stars can earn money.
Until now all college students were widely considered amateurs and denied the possibility to earn money like professionals. The universities normally profited from the use of the name, image and likeness of their athletes and leaving them nothing but somehow semi-legal ways to be compensated including “gifts” from coaches and other forms of indirect money offering.
In order to regulate the market NCAA board of directors amended the rules that prohibited athletes from taking profits for personal endorsements. States followed up and regulated NIL rights on the state level as well but not all of them did that. It created gaps and grey zone for certain actions and some confusion on what is possible and what is not in relation to NIL rights.
The reality is that at the moment around half of all states have NIL rights rules put in place. In the states where there is no regulation universities and schools are encouraged to create their own internal rules adding to the overall confusion. It’s likely that in the future Congress will take it over to create the national guidance for the market.
So what are exactly NIL rights and what is possible at the moment?
Name, Image and Likeness (NIL) are the means through which athletes can receive financial compensation including:
- Social media advertising
- Merchandise sales
- Signing autographs
- Advisory & teaching
- Forming private business in relation to NIL
The most important is that universities cannot pay athletes to represent them and that hasn’t changed. In other words, coaches cannot propose to pay students to join their facilities. Universities are also prohibited to help students to get NIL endorsements. The compensation can only come from private non-education based businesses and athletes can get help finding opportunities using their own research or using specialists.
There best way to manoeuvre the rules is to remember a few important things:
- Check the state rules for image, name & likeness endorsements. If there are no, you can still engage in NIL according to guidance from NCAA
- Before engaging verify with your university what is allowed and what is not. It’s the universities that have to interpret and control the rules applied by the states.
- Seek a professional service if you are confused. Companies like blocsport.one are experts in the market and can guide the best possible ways to build your professional career.
- Remember — NIL endorsements are not for 1% lucky ones! Anyone can participate and create their own brand. It really works with the right approach.
What’s the best way you can benefit?
It’s always best to have a clear base that will serve as your springboard for future success. That is why we created the Athlete Launchpad where you can do all NIL activations in one convenient place.
You will be able to offer your image, name & likeness to businesses and fan communities that you can build around you including amazing things like:
- NFT-as-a-service endorsements (marketing, advertisements, autographs)
- Community building
- Metaverse experience
Your advantage using the accelerator (over traditional services) is the direct connection between you and fans & brands thanks to the decentralized web 3.0 application. Brands can pull the marketing activation from you in an easy manner. Fans can buy the services for their own use simply because they love you or otherwise for market speculation (buy now, sell later for the higher price).