Former Michigan star releases first collegiate NFT trading card
By Jake Cohen
June 7, 2021
Photo Credit: MLive
Immediately after being selected by the Indianapolis Colts 21st overall in the 2021 NFL Draft, former Michigan Football defensive end Kwity Paye released the first digital, collegiate trading card in the form of a non-fungible token (NFT).
All profits will go towards his non-profit organization, The Uniform Funding Foundation. The card was put up for auction on OpenSea, the world’s largest digital marketplace for crypto collectibles.
NFTs are digital tokens that cannot be replicated nor replaced. NFTs are not limited to trading cards, meaning they also include drawings, photographs, or even selfies. They are part of the Ethereum blockchain (one of many crypto-currencies). As of May 29, one Ether is equal to $2.238.88 USD.
Kwity Paye’s trading card now belongs to TheValiantCollection, a University of Michigan affiliated OpenSea account, who purchased the token for 2.29 WETH. WETH is a wrapped version of the native token ETH, meaning the currency is decentralized but maintains the same value as 1 Ether.
All in all, the NFT was purchased for the equivalent of $7,568.45 USD, but the value constantly fluctuates due to the volatility of crypto.
Over the last three weeks, the value of an ether has decreased, therefore lowering the monetary value of the card itself.
With this card’s release, Kwity Paye continues to show that he is just as unique of an athlete off the field as he is on the field, just like he showed during his time at Michigan.