The university worked with Web3 developer Ocavu to make a new online NIL marketplace. Student athletes on BYU’s sports teams will get a cut of the profits from NFTs bought there. Fans can buy NFTs with the names, faces, and images of BYU players at CougsRise.com. Then, these NFTs can be traded for real things, like running out of the tunnel with the football team on game day or practicing with the golf team.
BYU’s athletics department is the first university to work with Ocavu, which runs the Ocavu Network Token on the Polygon blockchain. When a fan buys one of BYU’s NFTs with a credit card, their Cougar Score will go up. Fans can meet BYU student athletes and staff in person thanks to layers of perks that become available as their Cougar Score goes up.
Through its license deal with the university, Ocavu, the company that will own and run CougsRise, will share NFT earnings with BYU’s athletic department and student athletes. If the NFT is linked to a single player, Ocavu will split sales with that player. If the NFT is linked to a team, Ocavu will split sales with the BYU team. As part of the partnership, Ocavu plans to use 3D and augmented reality to show off historical BYU sports items.