How the new NCAA rules align with Global Fan Exchange’s vision surrounding name, image and likeness (NIL)
How the fan engagement platform can empower college athletes to capitalize on their NIL following the new NCAA rules
By Vanessa Malone
As of July 1, 2021 college athletes in the U.S. may now profit off their names, images and likeness (NIL) from endorsements, sponsorships and a variety of other business ventures.
What changed surrounding NIL rules for college athletes?
Before now, college athletes forfeited the right to their NIL as soon as they signed their scholarship agreements.
Years of pressure from states, Congress, and finally the Supreme Court’s ruling on June 21st which unanimously agreed that the National Collegiate Athletic Association (NCAA) has to follow antitrust laws like everyone else led to the monumental change.
As a result, the NCAA Division I Board of Directors approved an interim NIL policy while they work to provide more guidance, especially surrounding the prevention of pay-for-play deals and recruiting bribes. It is now up to colleges and universities to determine policies for their athletes and the NIL activities they partake in. Already almost half the states have NIL laws in place.
What types of deals are we seeing?
Time is money and college athletes are taking full advantage of the new NIL rules.
ESPN put together a list of campaign announcements that have already come out. A few interesting ones include…
- Twin sisters Hanna and Haley Cavinder who play for Fresno State’s basketball team signed their first deal Wednesday with Boost Mobile.
- Florida State QB McKenzie Milton and Miami QB D’Eriq King plan to be among the first college athletes to create NFTs (nonfungible tokens) to sell to fans in the near future.
- Iowa basketball player Jordan Bohannon partnered with local fireworks shop Boomin Iowa Fireworks to make a paid appearance, sign autographs and enter a pair of game-worn shoes in a raffle.
- Mick Assaf, Former Notre Dame walk-on football player says his company, Yoke, has onboarded hundreds of college athletes to his platform that enables athletes to make money by playing video games with fans.
- Runza, a restaurant chain based in Lincoln, Nebraska, announced Wednesday that it plans to offer a flat fee to the first 100 Nebraska-based college athletes who promote the company’s rewards program on their social media feeds.
This is only the beginning, and college athletes and businesses from all over are going to get creative.
Empowering athletes to control their own finances
We believe the new NCAA rules follow a larger trend of bringing financial control back to the individual.
For college athletes specifically, they will be able to accelerate their financial independence at the onset of their careers and capitalize on their social media presence. With the rise of platforms like TikTok, athletes can grow their audiences from a combination of their athleticism and personality.
Building a personal brand has always been a critical piece to landing big-name deals in the pro leagues. This new NCAA ruling gives college athletes a head start and incentive to build a strong brand.
Athletes can support their favorite local businesses, charity initiatives, and more to strengthen their impact. NIL rights are also expected to give greater earning power to female athletes, who may be overlooked by traditional outlets during their college peaks.
The implications the new NIL rules will have as some college athletes move from college to their professional careers will be exciting to watch unfold.
How Global Fan Exchange takes NIL to the next level
Led by established leaders across sports and entertainment, we believe Global Fan Exchange “GFX” is a next generation fan engagement platform.
The power behind GFX represents the type of creativity that can come from the new NIL rights college athletes have.
The platform can help active a loyal group of brand ambassadors that support campaigns like the deals mentioned above, to accelerate brand awareness, bring exposure to a non-profit, sell NFTs, reach fitness goals, or highlight social issues. The possibilities are endless for forward thinking athletes who want to begin creating a revenue stream based on their NIL.
Social media, fantasy sports, live streams, forums, in-game betting, and more have already taken the sports viewing experience out of the stadium and into the hands of fans. The new NCAA rules are putting financial control back into the hands of athletes. Taken together, we believe the college athletes that create fan engagement plays could see incredible results.
GFX makes all corporate, compliance and offering requirements userfriendly. Interested athletes can reach the management team at email@example.com. Interested fans can learn more at https://globalfanexchange.com/.
GFX is not a registered broker dealer and will not take commission based fees. Securities transactions are conducted through registered broker dealers in the United States and internationally on Upstream, which is a MERJ Exchange market. MERJ Exchange is a licensed Securities Exchange, an affiliate of the World Federation of Exchanges and full member of ANNA.
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