Kentucky players embrace "evolving" world with team cryptocurrency deal

Kentucky basketball is stepping into the world of cryptocurrency and nonfungible tokens, a digital step the team is taking together thanks to name, image, and likeness (NIL).

Wednesday morning, Kentucky players announced a partnership with West Realm Shire Services Inc. to be ambassadors of FTX US, a US-regulated cryptocurrency exchange. The individual deals will allow each player to be compensated monthly on FTX debit cards and create nonfungible tokens (NFTs) on the FTX NFT marketplace.

Kentucky joining an evolving digital world

It’s an agreement that will allow Kentucky players to transition with the rest of the world as digital assets grow in popularity and value.

“We partnered with cryptocurrency, and it’s a great opportunity,” Kentucky guard Davion Mintz told KSR on Wednesday. “The world is evolving and everything is going electronically. It was very timely for us to become more educated as we translate with the new world.”

The NIL agreement came together as a package deal with the players. Each member of the team received individual deals, but the decision to partner with FTX came as a group.

“(FTX) and a couple of other companies basically came at everybody on the team, gave everyone separate contracts,” Dontaie Allen told the media. “I’m just blessed and honored that I can do something like this with all of these guys.”

Individual deals, team agreement

The conversations started with a few select individuals on the team before word spread throughout the entire roster. The players ultimately decided they wanted to sign with FTX as a group, a partnership the company was happy to sign off on.

“Everyone has (deals) with them on an individual basis, the same thing as all of our other deals,” Mintz told KSR. “Went through an influencer, had guys reach out to individuals and it just rolled on. As soon as a good thing goes by someone, we kind of try to inform each other and help each other with deals ourselves.

“Word kind of spread to each other and we got working with them. It was really cool.”

“This has been the best training.”

Starting July 1, NIL has only been legalized for four full months. In that time, student-athletes have had to navigate through unprecedented rules and regulations. Everyone is adjusting and learning together on the fly, together.

Challenging at times, sure, but Mintz says it has prepared him for life beyond college unlike anything he’s ever experienced.

“This is the best platform you have in terms of translating to a professional career,” said Mintz. “This being my sixth year of college, I’ve never been more prepared and educated as I’ve been this past year. It’s been amazing as I aspire to be a professional in terms of basketball, but also having a career.

“This has been the best training. With the school having people that help us and educate us, it’s been perfect for us.”

After decades of rules barring student-athletes from receiving compensation for their names, images, and likenesses, Dontaie Allen is grateful to be in the position where he can now sign deals such as the one UK players did with FTX.

To do it with good people like the players in his locker room? That means even more to him.

“It’s been a long time coming,” said Allen. I’m just blessed to be with these kinds of guys in this circumstance, obviously. Being with people like this, being with good people, that’s the difference.”