Matai Tagoa’i one of the top college football prospects in the country recently signed a “name, image, and likeness” (NIL) deal with the University of Southern California (USC) and will receive a portion of the proceeds in bitcoin via the Strike app, according to a release shared with Bitcoin.com.
Historically, college athletes were prohibited from monetizing their image, but the National Collegiate Athletic Association (NCAA) lifted that prohibition in 2021 opening the door to lucrative NIL deals.
Details of the contract such as amount and duration were not provided to Bitcoin.com but similar deals can range from several hundreds of thousands to millions of dollars.
Strike has onboarded multiple professional athletes allowing them to convert their compensation to bitcoin, most notably former Carolina Panthers offensive tackle Russell Okung who converted half of his salary in 2020 – $6.5 million – into bitcoin. And now, 18-year-old Tagoa’i is poised to follow in Okung’s footsteps.
“This is a game-changer for me,” said Tagoa’i. “By taking part of my NIL earnings in bitcoin, I’m setting myself up for long-term financial growth.”
The San Clemente High School graduate also emphasized that he wants to “set an example for other young athletes.”
Marquel Martin, CEO and founder of talent management firm 3Point0 Labs, is one of the key facilitators of Tagoa’i’s bitcoin deal.
Martin is no stranger to introducing professional athletes to crypto. In 2022, he orchestrated a successful NFT launch for one of his star athletes, former UFC heavyweight champion Francis Ngannou.
“Too many athletes face financial challenges after their careers, and we believe bitcoin offers a pathway to long-term stability and growth,” Martin said.
A 2009 Sports Illustrated article reported that 78% of former NFL players file for bankruptcy or experience financial stress after retirement and that “within five years of retirement, an estimated 60% of former NBA players are broke.”
“Inflation is eroding the value of cash, and traditional saving methods simply don’t cut it anymore,” said Strike CEO Jack Mallers. “Your quality of life will suffer. Bitcoin is the first asset built to solve this problem and protect against inflation.”
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