• Loading stock data...
Sunday, May 5, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

How Athletic Departments Can Capitalize

  • Especially for athletic departments still recovering from the pandemic financial woes, NFTs could provide both a new revenue stream and marketing opportunity.
  • “Every athletic department is going to have their own community, their own ecosystem that they can tokenize,” one expert said.
Photo: Stephen F. Austin Athletics/Design: Alex Brooks

On March 14, Stephen F. Austin minted an NFT to commemorate its women’s basketball team’s Southland Conference Tournament championship. 

Wally Crittenden, the department’s assistant athletic director for ticketing and business development, described it as a “moment” to FOS. The NFT showcased the team’s celebration and included stats and information about the season. 

Especially for athletic departments still recovering from the pandemic, NFTs could provide both a new revenue stream and marketing opportunity.

Range of Revenue Potential

In some cases, athletic departments with robust content teams may already have the tools to mint their own NFTs. That was the case for the Ladyjacks: An in-house content creator made the video, and then Crittenden minted the NFT and put it on TheFanBlock.com, where it went for $100, he explained. 

Athletic departments can also sell content that already exists, like social posts. Ohio State Football put its first-ever tweet up for auction on March 12, and bids have reached $850. 

NFTs could provide new marketing innovations, too. Crittenden used the example of giving out foam fingers at a game. It may cost $1,000 for a department to buy and distribute them, but giving fans in attendance an NFT instead may be cheaper.

“We want to make NFTs as, if not more, affordable than promotion line items in current budgets,” Crittenden said. 

Growing Interest

Crittenden also co-founded a marketing innovation company called Modern Sports Group, which is looking to help athletic departments mint NFTs. (The platform where the Stephen F. Austin NFT went up for auction was created by Modern Sports Group.)

And schools are intrigued: Crittenden has already spoken with “leagues and institutions” in Division I and Division II about minting NFTs. “I think there will be waves of interest,” he said.

As fans become more aware of NFTs, and schools begin minting types that capitalize on the specific interests of those fan bases, value will grow.

“Every athletic department is going to have their own community, their own ecosystem that they can tokenize,” Crittenden said.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

With New Lawsuit, Florida AG Backs FSU in Fight to Exit the ACC

Lawsuit alleges the ACC was ‘wrongfully withholding’ media contracts from the public.

Reggie Bush Finally Gets His Heisman Back

The Heisman Trust gives into the ‘enormous changes in college athletics.’

‘Give Them the Real’: Why Dawn Staley ‘Spoiled’ Local South Carolina Reporters

Staley’s love for the local media leads to more coverage and passionate fans.
podcast thumbnail mobile
Front Office Sports Today

How Red Bull Laps the F1 Competition and Builds the Brand

0:00
0:00

Featured Today

May 6, 2023; Miami Gardens, Florida, USA; Red Bull driver Max Verstappen (1) of the Netherlands walks through the garage area following qualifying for the Miami Grand Prix at Miami International Autodrome.

Max Verstappen Is Unstoppable. Is That Hurting F1 With New American Fans?

Formula One could be facing an inevitable plateau in the United States.
Apr 17, 2024; Tempe, Arizona, USA; Arizona Coyotes left wing Lawson Crouse (67) celebrates after scoring a goal during the third period against the Edmonton Oilers at Mullett Arena.
May 4, 2024

Everything to Know About the Coyotes’ Second Chance at NHL Life

The clock is ticking in order to restart a Phoenix expansion team.
April 28, 2024

Just Like We Drew It Up? Stadium Renderings Can Excite, Confound, and Anger

During a historic wave of development, drawings wield more power than ever.
The scene in the green room behind the NFL Draft Theater in Detroit on Tuesday, April 23, 2024. Thirteen college players who will be picked in the first round will be waiting in this large room with friends, family, agents and college coaches on Thursday night.
April 27, 2024

More NFL Draft Prospects Are Staying Home, and TV Networks Are Adjusting

Whether making or missing out on millions, more prospects are staying home.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

House v. NCAA: Settlement Doesn’t Address Biggest Issue in College Sports

The House v. NCAA case puts the NCAA and power conferences on the hook for billions in damages.
April 24, 2024

Reggie Bush’s Heisman Return: A Symbolic Win, but NCAA Battle Looms

The NCAA has stayed quiet on the matter, and it’s unclear what this move means.
Dec 3, 2022; Indianapolis, Indiana, USA; FOX Sports personality Reggie Bush before the Big Ten Championship between the Michigan Wolverines and the Purdue Boilermakers at Lucas Oil Stadium.
April 25, 2024

Reggie Bush Got His Heisman Back. Here’s Why He’s Still Suing the NCAA

The former USC star will go forward with a 2023 defamation lawsuit against the NCAA.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 24, 2024

The Ivy League Is Siding With Dartmouth Against College Athlete Unionization

The entire appeal is yet another desperate attempt to preserve amateurism.
April 21, 2024

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
Dec 27, 2023; San Diego, CA, USA; USC Trojans wide receiver Kyron Hudson (10) celebrates after scoring a touchdown against the Louisville Cardinals during the first half at Petco Park.
April 19, 2024

Hearings Have Concluded in the Pivotal USC Athlete Employment Case. What’s Next?

The potentially landmark labor case could end the NCAA amateurism model.
April 19, 2024

Players Accused of Sexual Misconduct Can Still Compete, Feds Say

New Title IX rules ban suspending accused athletes until a school investigation occurs.