Increasingly athletes are seeing that they can profit from their digital identity above and beyond their contracts with teams. The rights to one’s Name, Image and Likeness (NIL) in the virtual world is possible through the issuance of non-fungible tokens (NFTs) an innovation made possible, initially, through developments on the Ethereum platform. More recently alternative platforms for generating NFTs on a more cost-effective basis, like Polygon, have emerged. And even more recently innovations in the Cardano blockchain, with its secure devops philosophy and active developer community, have led to numerous innovations for both self-sovereign identity and non-fungible token minting and trading.
Professional athletes have the most to gain by taking advantage of these Web3 innovations. But, now, even college-age athletes are eligible to capitalize on their NIL due to a recent ruling by the National Collegiate Athletic Association (NCAA).
Now collegiate athletes can join with others in the Sports-ISAO to follow trends and attend informative webinars on how to set-up NFTs for protecting NIL digital assets. More details on the benefits to athletic departments are given below.
Nielsen Impact Score
Following the NCAA’s ruling to allow collegiate athletes to benefit from their own NIL, Nielsen Sports has launched the Nielsen Impact Score (NIS) which will help universities recruit student-athletes by demonstrating the marketing value of each athletic program. The NIS database is designed to help a university team’s staff gain a competitive advantage in recruiting for athletes to benefit from the NCAA’s new NIL rules. With NIS data athletes will be able to:
Demonstrate authenticated value
Impact Scores are designed to quantify the inherent value a program can provide to prospective student-athletes using metrics similar to those a brand would consider when evaluating sports marketing partnerships.
The Sports-ISAO has developed a program that will help teams establish decentralized identities (DIDs) that can be used effectively within marketing and recruiting campaigns.