The University of Arizona and Athlete Assets sign the first commercial license agreement involving the use of university-owned copyright, logos, and marks for the creation of NIL (name, image, likeness) themed blockchain digital assets (NFTs or non-fungible tokens).
The commercial license will support the first-ever NFT deal that enables collectibles to be made for every active student-athlete at the University of Arizona. The program provides each student athlete at least 2 different individually personalized digital collectibles (60 total units for sale) sold by Athlete Assets, earning the student athlete more than 80% of net revenue.
Commencing with the Arizona Football team, Athlete Assets has created individualized collectibles featuring the NIL of each respective player. The collectibles will be sold through AthleteAssets.com for US dollars and cryptocurrency. In most cases, athletes earn a significant portion of net revenue for providing their NIL and marketing their respective collectible(s).
The Athlete Assets parent company, IPAssets Technology provides a suite of vertically integrated blockchain tools, including wallets, asset viewers, cloud storage, and a virtual reality gallery releasing this summer. This vertically integrated approach helps manage costs and long-term viability for the commercial license.
Athlete Assets is currently working with other Universities and Athletic Departments to license similar trademarks to support their student athletes and their NIL objectives.