NIL will be used to reward athletes who participate in launching NFTs on NFTLocker.io.
Along with building a scalable reward system to allow College Athletes and other influencers to use on the blockchain, there is also an opportunity for athletes to benefit from creating NFTs.
An NFT, in simple terms, is a unique digital file on the blockchain, a digital ledger. This digital file could be a photo, video, audio or anything else online. Think of NFTs as virtual collectibles, and they have created a whole new market of sports memorabilia for collectors to buy and sell. Essentially, the NFT is today’s version of the “Rookie Baseball Card”.
One of the most expensive NFTs sold to day is an image of Lebron James. This particular NFT grants the owner exclusive, non-commercial rights to the one available copy of the picture and its raw file. It was purchased for $21.6 Million. Although the value of NFTs are driven by the market (what someone is willing to pay), the NFTs released by popular athletes are garnering a lot of attention from buyers due to the idea of sports collectibles appreciating in value over time.
In partnership with Postgame and NFTLocker, NIL will be used as a currency to reward athletes who launch NFTs.