COMPLIANCE AND LEGAL
What is Prospex?
Prospex is a revolutionary new digital NIL platform that engages fans directly in creating NIL opportunities for athletes. By collecting school specific cards for athletes who are looking at their school, fans show their support and athletes can see how fan enthusiasm stacks up at the schools they are considering.
Why Should Fans sign up?
Prospex is a fun, competitive way for fans to engage directly in NIL and show that their school steps up to support prospective student-athletes. If an athlete commits to a school, fans keep a naturally scarce rookie card to either be minted into an NFT or turned into a physical trading card to keep, trade or sell. Fans at other schools holding cards can turn them in for a 90% refund.
Why Should Athletes sign up?
Athletes can monitor game activity and see how actively a school's fanbase supports them. When they are ready to commit to a school, athletes can lock in their schools card sales and collect 85% of the revenue when they enroll.
How do fans participate?
It’s easy. Just go to myprospex.co, create a profile, choose your favorite school and fund your account. Start exploring the Prospex marketplace and collect school specific trading cards for your favorite athletes. Share with your crew, recruit other fans, and put your school out in the lead to land your Prospex.
How do I transfer funds into my account wallet?
Stripe accepts payment from credit cards, debit cards, or ACH transfers. Your card will be charged or your bank account will be debited when you deposit money into your account.
How do athletes participate?
Athletes start by submitting a Prospex athlete application. Once Prospex verifies the athlete’s identity and eligibility, a contract will be sent to the athlete and their parents/guardian with a link to finish setting up their profile and start creating their trading cards. Once their card design and photo has been approved by Prospex, their cards will go live in the Prospex marketplace for fans to start purchasing. Athletes can then promote their Prospex cards via social media or other networks of enthusiastic friends and fans.
How much money do athletes get for participating?
Athletes will receive 85% of all card sales tied to the team they ultimately sign with upon enrollment.
What am I buying on the site?
Fans are purchasing a school-specific digital trading card tied to the athlete and team of your choice. Upon the athletes’ enrollment at their school, the digital trading card will convert either to a physical card or an NTF that can be kept, sold or traded.
Can I get my money back if the athlete doesn’t sign with my team?
If you are holding an athlete card and that athlete chooses a different school, you can turn in that card for a refund, minus a 10% processing fee. The funds go back into your Prospex wallet and you can use them to show your support for other athletes still considering your school.
What happens if I decide to stop playing the Prospex game? Can I get my money back?
If you decide to close your account, or just want to take some of the money out of your wallet, you can request a refund and we will refund some or all of your wallet funds, minus a 10% processing fee. Funds will be returned to the form of payment attached to your account.
Is this site secure? How do I know my money will be safe in my wallet?
Prospex uses Stripe as their payment processor, and they use state of the art encryption and security protocols. While it is your job to keep your account secure by never sharing your password, Prospex and Stripe have built in all appropriate security features to make sure your transactions are secure.
How can I trust that the money will really go to the athletes?
All funds taken in from fan participants will stay in the Stripe merchant account until the athlete submits his proof of enrollment and gets paid. It is kept totally separate from Prospex operating funds.
When is signing day? When do athletes get the money?
The early signing period for the class of 2023 Division I football prospective student-athletes is December 21, 2022, and the final signing day is April 1, 2023. Athletes in this class that participate on Prospex will receive their payout once they have provided Prospex with proof of enrollment, which could be as early as January 1, 2023, or as late as October 1, 2023. Future phases of Prospex will include other sports and the payout timeline will be upon showing proof of enrollment.
When does the game end?
The initial season of the Prospex game will close on April 1, 2023 with the end of the regular signing period for the 2023 football recruiting class.
When do I receive my NFT or Physical Trading Card?
Digital cards can be redeemed for either a physical trading card or an NFT when an athlete enrolls at a school. That period will begin on January 1 and will be complete for all athletes by October 1, all cards must be submitted for minting by October 31, 2023.
What can I do with my NFT?
After your athlete's digital trading card converts to an NFT, you essentially hold a rookie card for that athlete. Similar to physical trading cards, NFTs change in value over the course of an athlete’s career. Additionally, holders will be able to trade that NFT, and Prospex plans to build in extra benefits like meetups, merchandise or other benefits.
What happens when an athlete transfers to another school?
You will retain the NFT of that athlete at their original school and remain eligible for performance-based rewards linked to the NFT.