The pressure is on. The clock counts down. The crowd pulses with energy. You shoot... and score. You won the big game and celebrate as the Jumbotron broadcasts the replay.
Now, a Jacksonville-based company founded by University of Florida star Tim Tebow and Jacksonville-based serial entrepreneur Ricky Caplin has launched a way for athletes to monetize those moments. The company, Campus Legends, works with students to mint what are known as non-fungible tokens related to the moment, which the student-athletes can sell.
Non-fungible tokens, or NFTs, are a sort of digital collectible item.
Jacksonville-based Campus Legends recently announced an investment from Solana Ventures, a blockchain firm that operates a network for cryptocurrency and non-fungible tokens. The companies declined to disclose the size of the investment.
Through the deal, Campus Legends plans to leverage its exclusive collegiate sports partnerships with a "thriving community-driven platform that turns passionate fandom into an investment for fans that pays through exclusive ownership benefits and opportunities to re-sell on the secondary market," according to a statement from the company.
"Solana's ever-growing ecosystem of innovators is one of the most exciting things happening in crypto today," said Christine Menedis, co-founder and CEO of Campus Legends. "This partnership was a natural fit for us, as they share our vision of what an NFT-driven ownership economy can look like for sports fans. And, what we have in store together is truly game-changing."
Campus Legends collaborates with colleges, athletes and media rights holders. The company has more than 20 partnerships with colleges and universities, which deals with the need for school permission to use game moments or jerseys in promotional material.
"We have a unique perspective, we're athlete-first," Caplin said. "You don't need to be an A-list star to be earning a cut."
NFTs have become popular among celebrities, including athletes, with Paris Hilton, Snoop Dogg, Shaun White and Tiger Woods all active in the space.
“I’m so grateful for the opportunity to be part of a company that is committed to creating community for athletes and fans in the very community where it all started for me," Tebow said in an e-mailed statement to the Business Journal. "Like me, so many athletes take pride in where they are from, and Campus Legends is proud to be curating exclusive NFTs and experiences for athletes and fans around the country from right here in north Florida. We’re excited to grow and create impact together here.”
The Investors
Solana Ventures says its mission is to accelerate the growth of the Solana blockchain and adjacent ecosystems by providing capital to the most promising teams building in the crypto ecosystem. The partnership with Campus Legends provides exposure of the Solana blockchain to the nearly 200 million college sports fans worldwide. With a market cap of nearly $33.5 billion, Solana has is ranked the seventh largest blockchain company.
“Campus Legends is building the premier, fully licensed college athlete NFT platform,” said Matthew Beck, partner at Solana Ventures. “They’ve built a world-class team and are working with the biggest names in college sports to bring NFTs to the masses in a way that allows all college athletes to capitalize on their likeness and interact directly with their fans for the first time.”
