Michigan Quarterback Cade McNamara Lands Cryptocurrency Endorsement Deal

An NCAA quarterback landed one of the first NIL cryptocurrency deals.

What Happened: In July, the NCAA adopted a policy on student-athletes to be able to receive money for their name, image and likeness (NIL).

“This is an important day for college athletes since they are all now able to take advantage of name, image and likeness opportunities,” NCAA President Mark Emmert said at the time.

University of Michigan quarterback Cade McNamara is among the athletes taking advantage of the new policy. He will become the first student-athlete to receive payment from cryptocurrency with a deal signed with More Management.

McNamara will be paid in cryptocurrency for social media posting and personal appearance at MORE events, according to Sports Illustrated.

More manages a crypto token called MORE that trades on the Bittrex Exchange. More has worked with names that include Migos, Cardi B, 21 Savage, Saweetie, LilBaby and Daymond John. The company says it has deals with numerous NBA, NFL and UFC athletes.

“I couldn’t be more excited to join MORE,” McNamara said. “I am looking forward to learning more about crypto and being part of this great organization.”

Related Link: Cade Cunningham Signs Endorsement Deal With BlockFi, Takes Signing Bonus In Bitcoin

Why It’s Important: The deal signed by McNamara follows two large trends happening in sports.

The NIL rule changes have seen a wave of companies signing endorsement deals with top athletes at top schools. The University of Michigan plays in a power conference and is one of the most followed college football teams across sports.

Having a relationship with McNamara now could help More Management keep a good relationship if he can work himself into an NFL athlete someday.

“We expect other college athletes to soon follow Cade’s lead in seeking partnerships within the cryptocurrency community,” More Management CEO Peter Klamka said.

The signing of a cryptocurrency deal by McNamara follows a trend of professional athletes landing endorsement deals in the cryptocurrency space in a rapidly growing figure.

Trevor Lawrence signed a cryptocurrency deal after being drafted first overall by the Jacksonville Jaguars. NFL star Saquon Barkley announced he would be taking 100% of endorsement pay in Bitcoin BTC/USD.