The Kentucky Wildcats men’s basketball team has landed its biggest NIL deal to date, as it was announced this morning that the team would partner with FTX.US.
FTX.US is a cryptocurrency exchange that is US-regulated. The team will join the companies FTX Champions program. Alongside that, FTX already has partnered with some of the biggest names in sports to be ambassadors for their brand, including Tom Brady, Steph Curry, Trevor Lawrence, and David Ortiz among others.
Through this deal, each player will have an FTX debit card, which is where they will be paid individually each month. The players also the option to create non-fungible tokens or NFTs on the FTX marketplace, which they will then receive most of the revenue from the sale of their NFTs.
Avi Dabir, who is the Vice President of Business Development at FTX had this to say about the deal.
“We’re thrilled to work with players from one of the most successful collegiate basketball programs in the country,” said Dabir. “Outside of the well-deserved financial compensation, we will be assisting in the student athletes’ education of digital assets so that they can make informed investment decisions as they look to enter the space.”
Senior guards Kellan Grady and Davion Mintz also released statements about the new partnership for the team.
“The team came together as a unit as we’ve done with all our NIL sponsorships, and it was unanimous that we wanted to partner with a brand like FTX,” Grady said. “When speaking with the organization, it became clear our values aligned and their commitment to making a positive impact in the world through charity and other initiatives resonated with us all.”
Mintz echoed a similar sentiment.
“We’re excited to come on board as a team and look forward to learning more about the world of cryptocurrency from one of the top companies in the industry. In addition to a shared passion for greatness we work hard every day to be our best for our fans just like how FTX works hard for their customers.”
Kentucky has taken a very team first approach when it comes to NIL. Obviously, players are landing their own deals, but this continues to show that in this program, there is money to be made for everyone as this is the biggest brand in college basketball.
John Calipari and his staff continue to help these kids succeed on and off the floor, and deals like this will only continue to help as the recruiting landscape has shifted with these new rules.
These kind of deals only making playing at Kentucky more attractive.