NIL refers to an athlete’s ability to profit from their name, image, and likeness. This became particularly relevant after NCAA rule changes in 2021, which allowed college athletes to earn money from endorsements, sponsorships, and various other partnerships without jeopardizing their eligibility. Professional athletes, of course, have long had the ability to profit from NIL, but with more freedom across all levels of sports, the value of an athlete’s personal brand has skyrocketed.
Here are just a few ways athletes can monetize their NIL:
- Endorsements and Sponsorships: Partnering with brands to promote products or services.
- Merchandising: Creating and selling products such as apparel, accessories, and other branded items.
- Social Media Influence: Monetizing a following on platforms like Instagram, TikTok, or YouTube through paid posts, ads, or collaborations.
- Autograph Signings & Appearances: Charging for autograph sessions, public appearances, or participation in events.
- Personal Ventures: Launching businesses, podcasts, or other entrepreneurial endeavors based on their brand.
While these methods can provide substantial revenue, they also expose athletes to risks if their brand isn’t adequately protected. That’s where trademarks come into play. Let us know if The Law Firm of Andrea Hence Evans, LLC can help you to understand NIL and protect your IP.