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NIL is the Official Crypto that rewards College Athletes for their name, image & likeness when promoting products and services on social media.
What is NIL?
The name "NIL" (Name, Image & Likeness) was coined by the NCAA to describe a new policy on how college athletes can be compensated. This new policy allows all NCAA D1, D2 and D3 student-athletes to be compensated as of July 1, 2021. NIL Coin will be used to reward athletes who leverage their brand to promote products and services.
What is the utility of NIL Coin?
The primary focus of NIL will be rewarding college athletes with a large social media presence in exchange for promoting products and services.
NIL can be used by other platforms as well in the future. NIL is not dependent on any platform and will be available for any platform or 3rd party to leverage for influencer rewards.
Understanding the significance of NIL and NCAA
In July 2021, NCAA changed its rules on compensating College Athletes for their Name, Image & Likeness. For the first time in the history of College Athletics, athletes can engage with advertisers and earn money. The policy provides the following guidance to college athletes, recruits, their families and member schools:
Individuals can engage in NIL activities that are consistent with the law of the state where the school is located.
Colleges and universities may be a resource for state law questions. College athletes who attend a school in a state without an NIL law can engage in this type of activity without violating NCAA rules related to name, image and likeness.
Individuals can use a professional services provider for NIL activities.
Student-athletes should report NIL activities consistent with state law or school and conference requirements to their school. Although the initial network of influencers will be College Athletes, there will be potential to include other forms of influencers.
Rewarding Athletes with NIL
The trend of athletes accepting cryptocurrency as payment for sponsorship is growing.
On December 29, 2020, Bleacher Report reported that the Carolina Panthers will pay half of Russell Okung's $13 million dollar salary in Bitcoin (BTC).
On November 21, 2021, Rogers posted a tweet explaining that he had partnered with Square to convert an undisclosed portion of his 2021 salary to Bitcoin (BTC).
USA Today reports that Trevor Lawrence, the expected first overall pick in this year's NFL draft, will place part of his signing bonus into cryptocurrency.
Now, with the ability for College Athletes to be paid for their Name, Image & Likeness, there will be an increasing demand for being rewarded with cryptocurrency.