The former Iowa Hawkeyes basketball star will host a first-of-its-kind auction Tuesday evening.
Iowa men’s basketball star Luka Garza will be the latest college athlete to sell his own non-fungible token (NFT) Tuesday.
Garza joined CNBC to discuss his plans of launching the NFT, with a portion of the proceeds going to Iowa Children’s Hospital.
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“I thought this is a really cool and unique opportunity to be able to start pushing my brand,” Garza said on CNBC.
NFTs are digital assets that people can purchase, such as a digital card, audio files, video files, artwork or other goods that can be consumed in a digital environment. NBA Top Shot, for example, is a rising digital trading card market that allows consumers to purchase and trade officially licensed NBA video highlights.
With Garza no longer under college eligibility rules, this will be his first opportunity to profit from his name, image and likeness (NIL). Garza’s teammate, Jordan Bohannon, has been outspoken in recent weeks about NIL, saying he will use his remaining year of athletic eligibility should Iowa’s state NIL bill pass.
The auction for Garza’s NFT card is set to begin at 6 p.m. ET on Tuesday and will remain open until Friday afternoon on OpenSea, a cryptocurrency marketplace.
In addition to the NFT card, Luka’s father, Frank Garza, offered followup details about the auction winner’s benefits.
Luka Garza was named the 2020-21 Associated Press player of the year after averaging 24.1 points and 8.7 rebounds per game for the Hawkeyes, which were a No. 2 seed in the NCAA Tournament.
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