ICYMI: BYU reached a five-year partnership agreement with an online NFT company to allow fans to buy and sell BYU-related NFTs.
Screenshots of NFTs of BYU football players Gunner Romney and Micah Simon.It started as a conversation — or really a far-fetched idea — when Jon Cheney walked into Gary Veron’s second-floor office last October and proposed a new approach to name, image and likeness.
On Aug. 16, the marketplace will launch as the latest NIL endeavor at BYU. This time, Cheney predicts it is a deal that could be worth up to $20 million in the first year of the five-year partnership alone. It is a different approach, but one that is similar to that of a USC or Notre Dame. Both of those schools have discouraged high-dollar collectives in favor of third-party LLC’s that are more easily monitored. Internally, BYU has made it clear collectives are not the way the university prefers to go.
Cheney declined to say the percentage of the profits that are kept by the players, the athletic department and Ocavu. However, the players will equally split the profits on a given team so the walk-on and starting quarterback will have the same check. The platform will slowly grow over the next five years. During that time, Ocavu is adding legacy moments from BYU’s past. Those NFTs will be more valuable, like a Jimmer Fredette moment or a Tanner Mangum pass.
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