Canes DAO: Revolutionizing the NIL Market For Miami Fans
When the topic of NIL comes up around the University of Miami, the first name fans may bring up is John Ruiz, Miami's well-known booster who is has a long list of athletes signed under his companies Life Wallet and Cigarette Racing.
However, there's a new NIL group looking to break into the Miami scene that could change the game entirely.
Canes DAO is this new group, and founder Lucas Hammond joined our own Alex Donno this past Saturday on Locked On Canes to discuss what this NIL initiative is all about.
To summarize, Canes DAO is NIL collective to aims to give fans the power over who receives NIL endorsement through the community. All decisions must be made by a majority, to ensure that the decision is made by the community as a whole. Gaining access to the community is done so by purchasing an NFT (non-fungible token).
The NFTs for this collective are scheduled to be released on September 1, just two days before the Canes kickoff the new season at home versus Bethune-Cookman. The NFTs will be sold at $25 a piece, and the funds from each purchase will be put towards NIL endorsements.
On top of being able to vote on what players will receive endorsement from Canes DAO, the community will also get to be part of exclusive events, including watch parties, tailgates, meet-and-greets with UM athletes and many more.
Not everyone has the access to the funds and resources to provide NIL deals to their favorite UM athletes. With Canes DAO, it allows for the regular Canes fan to make sure their favorite Miami player receives the endorsement they believe they deserve.
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You can find Liam on Twitter @theleftyliam where he shares news on University of Miami basketball and football as well as opinions