FanCave FAQ

FanCave FAQ

3/11/2024



About FanCave


What is FanCave?

  • FanCave is the first, online, public collective. Just like private collectives, FanCave proposes ‘NIL Offers’ to college athletes (recruits, transfer portal) from a pool of funds provided by fans.
  • But—unlike collectives—FanCave is transparent, athlete-friendly, and built for all athletes+fans.

How does FanCave work?

  • Fans can make NIL offers to athletes contingent on enrollment at their favorite college team.
  • If the athlete enrolls at and attends the fan's selected university, the fan's NIL offer for exclusive athlete-driven content is accepted by the athlete and the fan is rewarded.
  • If the athlete enrolls elsewhere, the fan's FanCave wallet is fully re-credited.

What are coins?

  • Coins are used to make NIL offers to athletes. They can be purchased or earned through various activities—like targeting recruits, coordinating with other fans, and more.
  • Athletes are compensated by FanCave based on the coins fans offer them. If the athlete enrolls at and attends the fan's selected university, the fan's NIL offer for exclusive athlete-driven content is accepted.
  • Coins will have other exciting uses in the near future. Stay tuned!

Is this safe, legitimate, and legal?

  • Yes! Recent legal injunctions + comments from NCAA President Charlie Baker make FanCave compliant. Complying with latest state and NCAA laws and policies is a top priority. Learn more here.
  • Just like private NIL collectives, FanCave proposes ‘NIL Offers’ to college athletes (recruits, transfer portal) from a pool of funds provided by fans. Merely, we’re a better version of private NIL collectives!
  • Additionally, FanCave is financially-backed by Y Combinator (backers of Reddit, Twitch, etc) and is partnered with publicnil.org, whose mission is to build sustainable NIL standards.

Why hasn’t this been done before?

  • On March 1st, 2024, the NCAA’s ‘NIL-recruitment ban’ was lifted by NCAA President Charlie Baker.
  • While the full compliance and legal breakdown can be found here, the landmark Feb. ‘24 preliminary injunction via TENN v. NCAA legalized an athlete’s ability to “understand their fair market value” prior to committing to a school. This means that athletes can now be evaluate and receive NIL offers contingent on enrollment at any school.
  • FanCave is the first platform where fans can offer recruits money contingent on enrollment at a specific school. Thanks to rapid regulation change, collegiate “free agency” is now compliant.

Do you work with athletic departments or collectives?

  • FanCave is an independent entity that partners directly with athletes and fans, rather than specific institutions.
  • While we do ensure compliance with NCAA and per-university standards, remaining independent allows FanCave to prioritize building an unbiased and unrestricted platform that is institution-agnostic.

How does FanCave protect athletes?

  • Balancing cutting-edge ways for athletes to maximize and understand their NIL value—while ensuring athlete safety and eligibility—is our top priority. FanCave is only available in states where NIL-recruitment offers can be conducted safely and compliantly (learn more here).
  • Additionally, FanCave is partnered with publicnil.org, whose mission is to build sustainable NIL standards.

How FanCave Works


What is the The FanCave NIL Deal? (Learn more here)

  • Fans purchase “Coins” from FanCave, and pledge an ‘NIL Offer’ with these Coins to athletes

    • When Coins are purchased, fans’ payment method is charged instantly and all Coins remain in FanCave
  • When an athlete signs their NLI (National Letter of Intent) and enrolls

    • For the enrolled school’s fanbase, Coins are locked & an NIL deal is created for the athlete (see below)

    • For all other fanbases, Coins (including fees) are reimbursed into their FanCave Wallet

    📌 Note: The athlete must claim & verify their FanCave profile prior to signing for the NIL deal to be created

    • If not claimed, the deal is forfeited and all fans are reimbursed via Coins in their FanCave Wallet
    • If not claimed, the deal is forfeited and all fans are reimbursed via Coins in their FanCave Wallet
  • The FanCave NIL Deal is then offered to the athlete, where they can choose to accept/decline.

    • The monetary amount of the deal is 90% of the signed fanbase’s pledged NIL Offers. FanCave earns 7% + 3% for processing fees.
    • If accepted:
      • Digital quid-pro-quo is created by the athlete for each fan who pledged
      • Payment begins on day 1 of enrollment
      • Total payment sum is paid out evenly over twelve months
    • If declined:
      • Fans are reimbursed via Coins in their FanCave Wallet
  • Full info on Fan Payments, Athlete Payouts, and deal terms can be found here.

As a fan, how do coins and offers work?

  • Fans can purchase Coins for their FanCave wallet in their account at anytime. Coins are used to pledge an ‘NIL Offer’ to athletes
    • NOTE: When Coins are purchased, fans’ payment method is charged instantly and all Coins remain in FanCave
  • Every offer includes (1) a coin amount (2) an offer note and (3) the selected fanbase. Once the offer is sent, the amount is added to the selected fanbase’s total for that athlete.
  • Coins leave the fan’s wallet and are put ‘on hold’ until an athlete makes a commitment and enrollment decision. If your offer was for the athlete’s selected university, the NIL offer is officially created post-enrollment. Otherwise, coins will be re-credited to the FanCave wallet.
  • Full info on Fan Payments and deal terms can be found here.

As an athlete, how do coins and offers work? How do athletes get paid?

Do I get my money back if a recruit doesn’t commit?

  • An athlete is only compensated by the offers from the university/fanbase in which they commit and enroll.
  • For all other offers—ie, offers proposed by fanbases that are not the athlete’s commitment—the full offer amount is re-credited into these fan’s FanCave wallet.
  • Once Coins are purchased, they remain in FanCave.
  • Full info on Fan Payments and deal terms can be found here.

What if the athlete that I offer transfers?

  • Athletes are compensated evenly over a twelve-month window. To receive the full amount of all pledged NIL offers, they must remain enrolled at the committed school.
  • If the athlete transfers before twelve-months, remaining payments are forfeited by the athlete and recredited to fans’ FanCave Coin Wallet
  • Full Athlete Payouts and FanCave NIL Deal terms can be found here

All NIL deals require quid-pro-quo—does FanCave do this?

  • Fans can make NIL offers to athletes contingent on enrollment at their favorite college team.
  • If the athlete enrolls at and attends the fan's selected university, the fan's NIL offer is officially proposed to the athlete. When the athlete accepts the NIL offer, quid-pro-quo is created in the form of athlete-driven content—and then receives compensation for the offer amount on completion of the activity.
  • Full FanCave NIL Deal terms can be found here

Miscellaneous


How is this different than a collective?

  • Traditional ‘private collectives’ pool funds from donors and have full private jurisdiction over the funds donated—usually resulting in closed-door operations. Compensation is then given to athletes through NIL contracts that are often predatory in nature (NDAs, payback clauses, forced exclusive NIL rights, etc).
  • FanCave is an online, unbiased, ‘public collective’—where an athlete’s market value is open, flow of all funds is fully transparent, and athlete payouts are performed on standard terms.
  • Additionally, FanCave is partnered with publicnil.org, whose mission is to build sustainable NIL standards.

What does a verified athlete profile mean?

  • Fans can create offers for any athlete on the FanCave platform.
  • An athlete’s profile must be verified to officially accept and withdraw any offer, which includes claiming their account and performing an identification-check. Only athlete accounts can receive a verification ‘checkmark’ on their profile.
  • Full Athlete Payouts and FanCave NIL Deal terms can be found here

What are ‘coin bonuses’?

  • Fans can earn coins to make even better offers by being a loyal fan on FanCave!
  • Coins earned through “Coin Bonuses” can be used the same as purchased coins (to make offers), and can be earned through activities like: creating an account, referring a friend, making offers, and more!
  • Coins will have other exciting uses in the near future. Stay tuned!

As an athlete, why should I use FanCave?

  • Maximize Your True NIL Value.
    • ✅ Compliant: Latest NCAA regulation lets you assess NIL offers prior to signing
    • ✅ Safe: No hidden fees, no contracts, and trustworthy payment processing
    • ✅ Maximize: Understand your NIL earning potential from your future fanbases

As a fan, why should I use FanCave?

  • Build Your Dream Team, via a More Direct Way To Support Athletes.
    • ✅ Compliant: Latest NCAA regulation lets you assess NIL offers prior to signing
    • ✅ Transparent: All funds, fees, and athlete compensation is open to the public
    • ✅ Secure: Bids remain in FDIC-insured storage, and are re-credited if your recruit doesn’t enroll at your school

Have more questions?


👋 Message us at hello@fancave.me