NASHVILLE, TN, UNITED STATES, March 9, 2023 /EINPresswire.com/ — Nashville-based STAKS is offering new ways for student-athletes to access revenue with their first nonfungible token (NFT) partnership with Donald Hand Jr., a freshman basketball player at Boston College. Hand, recognized by ESPN as a top 100 recruit, was a state champion, 3-time All-State selection, and McDonald’s All-American game nominee at Landstown High School in Virginia Beach, VA.
The name-image-likeness (NIL) space is a booming market, which comes with rapid growth and speculation on compliance and regulation. The number of student athletes competing in The National Collegiate Athletic Association’s (NCAA) three divisions is over 500,000 with more than 170,000 competing in Division I. A recent report marked the first year of NIL deals at $917 million in earnings, with expectations of reaching $1.14 billion in its second year.
STAKS CEO and founder Scott Pranger expressed enthusiasm for the start of this venture in STAKS’ developments. “There are exciting opportunities in the intersection of NFTs and NIL that open up new avenues for fans and college-athletes alike,” Pranger stated. To help realize these opportunities, STAKS is collaborating with leading sports studio TrashTalkArt for the creation of original art pieces and collections.
While the STAKS platform is facilitating groundbreaking ways for fans and athletes to connect, it’s also built for the ongoing changes in reporting. Chief Marketing Officer Cory Raines stressed the importance of being able to meet these evolving standards. “With every new deal, schools, state legislatures, and governing bodies are working on the ins-and-outs of the necessary recordkeeping and standards for NIL deals,” Cory commented. “At STAKS, we remain vigilant to ensure our process provides transparency and ease of access for all parties to use the platform with confidence.”
While the Donald Hand Jr. Collection is key to STAKS’ first wave of partnerships comprising their NFT initiatives, Scott Pranger assured that these were only the tip of the iceberg for the company’s scope of offerings.
STAKS is a leading provider of transformative digital asset & mobile payment solutions to the entertainment and sports industries. Their mission is to empower participants with the ability to create new & profitable digital economies while increasing fan engagement. STAKS enables its customers to remove friction, build trust, and unlock new value with their fan base. Led by a talented team of information technology and software industry veterans, STAKS brings combined experience in fintech, cybersecurity, mobile apps, and AWS-based enterprise grade software architecture and strategy.
If you’d like to learn more about the STAKS platform, you can do so at stakssports.com
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