Michigan football QB Cade McNamara to get paid in cryptocurrency in new endorsement deal
Michigan football quarterback Cade McNamara is getting in on the new frontier of name, image and likeness endorsements.
But his new deal is revolutionary.
More Management, a "cryptocurrency company focused on membership services, curated live experiences and digital collectibles," announced on Thursday an agreement with McNamara, the presumed starting quarterback, in which he will be paid in crypto for social media posts and personal appearances.
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McNamara, entering his junior season, is believed to the first college student-athlete to be compensated in a NIL deal with cryptocurrency.
More Management runs crypto token MORE, which trades on the Bittrex Exchange.
“Couldn’t be more excited to join MORE. I am looking forward to learning more about crypto and being part of this great organization,” McNamara said in a released statement.
The college sports landscape forever changed on July 1 when the NCAA allowed for student-athletes to be paid by outside companies for an individual's name, image and likeness.
Earlier this month another crypto company, Yummy Crypto, offered the entire Florida State football team $500 each for social media posts.
Several of McNamara's teammates have deals to sell T-shirts or play videos games with customers.
McNamara played in four games last season, going 43-for-71 for 425 yards and five touchdowns. In a rare move by head coach Jim Harbaugh, McNamara was anointed the starter during the Big Ten media days in July.
“We are pleased to be working with Cade," More Management CEO Peter Klamka said in a released statement. "With the rapidly growing interest in cryptocurrency and a number of professional athletes now getting paid in crypto, we expect other college athletes to soon follow Cade’s lead in seeking partnerships within the cryptocurrency community. We are looking forward to having Cade as part of the MORE family.”
Cade Cunningham, the Detroit Pistons' No. 1 overall draft pick, has reportedly agreed to a deal with BlockFi, a cryptocurrency platform, according to Forbes. Cunningham will get his signing bonus directly in bitcoin, according to the report.
Contact Kirkland Crawford: kcrawford@freepress.com. Follow him on Twitter @HiKirkHere.
This article originally appeared on Detroit Free Press: Michigan football's Cade McNamara gets crypto in new NIL deal
