As of yesterday, the NCAA announced athletes could officially monetize from their name, image, and likeness (NIL). Shortly after midnight Thursday, Miami quarterback D'Eriq King became the first college athlete to enter the NFT market space, beginning the storm of NFTs and similar crypto markets for college athletes. While athletes stand to make good money from the NFT market, my concern is the reliance on the blockchain to secure the environment and exchange of NFTs poses significant cyber and crypto security risks.
The area lacks strong regulation, and due to the nature of blockchain transactions, stolen assets are impossible to get back, even with proof of wrongdoing. My assumption is many college athletes will enter this market with no knowledge of some of the threats that exist in this space. If anyone has suggestions regarding best practices and guidelines for college athletes regarding NFTs and exchanges, your feedback is greatly appreciated.
#NFT #Blockchain
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Olivia Rempe
Community Engagement Specialist
Cloud Security Alliance
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