When NFTs began their rise into today’s culture, many sports fans envisioned them as the model for a new generation of traditional trading cards. Many platforms have since been launched with that archetype in mind.
This idea will soon enter the realm of high school and college sports. VerifiedInk announced on Friday the upcoming launch of its marketplace that will allow athletes to design and sell NFTs and keep 94% of the profits.
Commencement, scheduled for July 19, will be hosted by the NFT designed by Class of 2024 basketball freshman Naasir Cunningham. Beck is one of more than 500 high school and college athletes who are part of the platform, according to a VerifiedInk press release.
The company’s co-founder and co-CEO Nate Slutzky said that the emergence of NIL plugins has enabled the growth of this NFT plan.
“The NIL rule changes have unlocked opportunities for pre-professional athletes to begin sharing in the profits from the multi-billion dollar sports they support,” Slutzky said in a statement. “But brands that license NIL athletes are taking the opportunity to capitalize on young athletes trying to navigate a new and uncertain landscape. VerfiedInk enables athletes to permanently own their brands.”
VerifiedInk has raised a $1.2 million seed round led by New Jersey-based Sixers Innovation Lab, according to a press release.