NIL stands for Name, Image and Likeness. Student athletes are now permitted to earn income from the use of their NIL Assets. Examples of how a student athlete can earn income includes, but is not limited to, personal endorsements, appearances, autographs, inclusion of their NIL on physical merchandise or digital content, participation in special events, experiences and promotions.
Collectives can contract and pay current student athletes and receive in consideration for that payment, a set of exclusive NIL Assets from the student athlete. The Collective can then sell the “active” and “passive” use of a players NIL assets (which were acquired under this contract) to businesses or individuals.
An “active” NIL Asset requires an action from the athlete; For example, an athlete signing an autograph or making a personal appearance. A “passive” NIL Asset does not require an additional action from the athlete; For example, printing a player’s name on a jersey or using a photo (image/likeness) of an athlete on a player card or NFT.
Student-athletes cannot receive “pay for play” and NIL payments cannot be used to induce prospects. Payments cannot be gifts and therefore, all payments must have a related “value exchange” between the buyer and the seller (Student-athlete).
Swarm does not have any official relationship with the University of Iowa. The university and its employees are prohibited from making or facilitating any NIL deals or payments to student athletes.
Businesses are permitted to purchase the NIL Assets of student athletes to promote their businesses products and services, including but not limited to personal appearances, social media promotion, inclusion in commercials, the creation of specialized video content and more.
Individual supporters can write checks or place their credit card on file to become “Insider Members” of the collective and receive a set of benefits created from the NIL assets owned by the Collective. Including exclusive access to member only benefits such as livestreams, autograph sessions, personal meet and greets, and more...Individual Supporters who become Insider Members can also purchase memorabilia (physical and digital) from the private marketplace that can only be accessed by logging into the Swarm Insider website.