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Message: [QUOTE="huskymedic, post: 4695006, member: 549"] MyNILPay App is explained in more detail here: [URL='https://www.nildealnow.com/mynilpay-changing-student-athletes-maximize-opportunities/']myNILpay maximizing NIL opportunities for athletes | The NIL Deal[/URL] -> [I][U]So what makes myNILpay legal?[/U][/I] According to Chapman, who previously spent the past two decades as the Chief Information Officer at three different financial service companies, the money collected and distributed through myNILpay is legal because of two entities, it includes a quid pro quo and is taxable. “What we do is we issue the fan a piece of digital art, with the athlete’s name and digital signature on it. That is the quid pro quo,” said Chapman. While most partnerships and brand deals may include attending a charity event, posting on social media or signing memorabilia, myNILpay operates off the digital art provided to the fans sending money a student-athletes way. “That piece of digital art is minted in the blockchain and the fair market value of that piece of digital art is whatever the buyer and seller agree on,” said Chapman. “So if I want to send the athlete $50 or $500 or $1,000, and the athlete agrees and the fan agrees, that is the value of that piece of art.” The other side of legality behind myNILpay is that the platform is a “taxable trackable reportable transaction.” What that means is that fans pay a sales tax and athletes pay an income tax to ensure no one is crossing a line that jeopardizes a student-athletes’ eligibility. <- [/QUOTE]

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