006. The Collectibles Economy
How cards, memorabilia, and digital assets are rewriting the playbook for fandom, investment, and engagement in a $271 billion market
The Story
One my favorite moments growing up was a ritual I had with my dad and my brother -- almost every weekend we'd visit one of the local trading card stores in Columbus or stop at Media Play and buy about 12-15 packs of cards (if not a full box set) so we each left out of the store with 3-5 packs each. While my dad was driving back to his place my brother and I would rip open our packs and start to say if we got anything special by way of inserts, autographs, rookies, or jersey cards. When we got back to my dad's place we'd pick our best five cards, build our dream teams, and then go head-to-head comparing stats and debating who had the best starting five. It was never (read: always) just about who won; it was about connecting and competing with each other, and a little bit of mystery wrapped up in every pack.
That nostalgia is exploding again, now on a worldwide stage. Just recently, a 1-of-1 signed Michael Jordan–Kobe Bryant card sold for a record $12.9 million, making headlines and reminding collectors how powerful rare collectibles can be. Fanatics is leading the charge ahead with their acquisition of The Topps Company and Bowman, along with recently launching Fanatics Real Vintage featuring thousands of one-of-a-kind sportswear collectibles across the NBA, NFL, Majestic, Russell Athletic, Salem Sportswear. rapidly through Australia and New Zealand - it's fastest-growing market outside of the US with investment planned to support partners at major international events including the NBA x NBL Melbourne Series and the 2027 Rugby World Cup.
On the college side, innovation is rewriting history. At Colorado, Deion Sanders' program is handing recruits one-of-a-kind trading cards in offer packets, a splashy way to start athletes on a personal branding journey. Industry leaders like Topps, Panini, Fanatics, and NBA Top Shot are pushing technology and expanding platforms to connect fans and athletes in fresh, dynamic ways - blending physical and digital worlds into a new era of collecting.
Quick Context
Digital Collectibles: Top sports tech companies leverage blockchain technology to create verifiable, scarce digital trading cards and memorabilia. These allow fans to own authenticated digital assets that complement physical collectibles with proof of ownership and rarity.
Authentication: Advanced technologies—including blockchain verification, NFCs, QR codes, and third-party grading—are used to verify collectible authenticity, build trust, and protect buyers from fraud.
Grading: This process assesses collectible condition and quality, with companies relying on expert reviews and technology to assign consistent grades that dramatically impact value and market pricing through companies like Beckett and PSA (Professional Sports Authenticator).
The Shift
The collectibles market is booming toward an estimated $271 billion by 2034, growing over 22% annually. Cards and memorabilia from shoebox rarities to digital-first collectibles headline auctions and fan marketplaces worldwide. The market is also broadening: from rookies to women athletes, from college programs to international sports, more voices and stories are shaping the future.
Fanatics is leading the wave of growth through acquisitions and strategic partnerships. The $500 million purchase of Topps in 2024 added a respected trading card brand to its family of companies. Acquiring PointsBet for $225 million securing entry into sports betting, integrating new tech and expanding market access that expanding the company's footprint beyond traditional collectibles into betting and gaming. Followed by their acquisition of Voggt, a market leader in Europe for the live selling of sports collectibles and trading card games with more than 500K members the .
Collectibles partners of Fanatics covers Marvel, Premier League, Pixar, Athletes Unlimited, UFC, UEFA, and 200+ others.
The Gap
Similar to other manufactured goods, counterfeits and scams threaten trust, making authentication a top priority in the collectibles market. Key challenges include:
Access Inequality: Star athletes and marquee programs continue to dominate the spotlight and earnings, limiting opportunities and visibility for smaller schools and women’s sports.
Emotional Connection: While digital collectibles open new possibilities, many collectors worry about losing the emotional experience of physically holding a card, opening a pack, or having the memorabilia on display.
Economic Uncertainty: Collectibles are discretionary purchases, vulnerable to market swings and hype cycles.
Fan Adoption Gap: The rapid pace of digital innovation sometimes outpaces fan adoption, creates friction between traditional collectors and those embracing NFTs and blockchain-based assets.
The Move
The sports collectibles market today requires a blend of innovation with inclusion, authenticity and engagement. The leaders who will excel are those who commit to bringing fans and athletes together on platforms they trust, while pushing the digital frontier without losing the essence of physical collecting.
Sports Executives: Embed collectibles at the heart of fan engagement and athlete branding strategies. Partner with leading tech brands to stay ahead of rapid innovation.
University & Innovation Leaders: Build inclusive memorabilia programs with tech-driven authentication and fan experiences, giving all athletes a stake and voice.
Founders and Ecosystem Builders: Design multi-channel collectibles that excite users with seamless interaction, blending physical and digital, and always prioritizing trust and community they desire.
If you’re a leader looking to better engage fans and develop a clear, strategic approach amidst an evolving landscape, you don’t have to navigate it alone. HTX combines deep expertise in tech, market trends, and fan engagement to help organizations like yours unlock meaningful connections and sustainable growth.
Subscribe. Read. And when something clicks—reach out. Behind every shift is a chance to move differently.
005. From Endorsements To Equity
The Future of Athlete Partnerships Is Here
Building on the themes explored in our last edition on professionalizing college sports, this issue we'll get deeper into the transformation of athlete compensation and empowerment.
College athletes are moving beyond simple endorsement deals and becoming owners and equity partners, a new approach that creates long-term revenue streams. NIL (Name, Image, and Likeness) ignited this change, but what’s emerging now is a shift toward athletes as culture creators and owners in the sports business.
This edition highlights the role of the College Sports Commission and NIL GO platform powered by Deloitte in monitoring and scaling NIL deals, while spotlighting breakthrough models like Shadeur Sanders’ Prime Equity contract and the Unrivaled Basketball women’s league. Each a move toward empowerment for athletes, and not just one-off endorsements.
This work is personal for me too. As an adjunct professor in sports marketing at Houston Christian University - Archie W. Dunham College of Business, I guide students through building campaigns for teams like League One Volleyball (LOVB) Houston and the Houston SaberCats Rugby. We focus on evaluating real-world strategies organizations like New Balance, Raising Cane's Chicken Fingers, and L'Oréal use with athletes to grow brand awareness, design authentic fan engagement, and secure creative partnerships.
Quick Context
What is NIL? The right for athletes to monetize their personal brand through endorsements, sponsorships, and social deals breaking decades of NCAA restrictions.
College Sports Commission (CSC): Independent body approving NIL deals over $600 to ensure compliance and valid business purposes.
NIL GO & Deloitte: The tech platform powering CSC approvals. Bringing scale, transparency, and standardization to an ever-changing market.
The Shift
The CSC and Deloitte’s NIL GO platform have introduced much-needed structure to an evolving space that's been in it's Wild West era. With over 8,300 deals approved, $80M in value, and more than 28,000 athletes registered, NIL finally has a centralized system. This body and platform legitimizes the process and sets clear standards for the future.
Meanwhile, the deals themselves are shifting in scope and sophistication. Shadeur Sanders’ groundbreaking Prime Equity contract is a clear signal of what’s up next: equity-based models. His deal ties him into merchandise sales, promotional rights, and ongoing revenue streams allowing him to monetize his brand beyond his 5th round contract value.
Women’s sports are pushing innovation even further. Unrivaled founded by WNBA (Women's National Basketball Association) stars Napheesa Collier and Breanna Stewart has signed 14 NCAA stars including JuJu Watkins (USC), Azzi Fudd (UConn), Flau'jae Johnson (LSU), and Lauren Betts (UCLA). The model blends NIL opportunities with content creation, skill development, and leadership summits like The Future is Unrivaled. It’s a blueprint for equity-driven, athlete-first ecosystems that could redefine women’s basketball and beyond.
The Gap
Despite the momentum, NIL is still in its early stages. The progress is significant and the path forward in college sports is slowed by structural hurdles that limit equity and consistency across the ecosystem.
Compliance Complexity: Processes to approve NIL deals are still old school at some schools, delaying opportunities and confusing compliance for athletes and universities.
Equity Access: A number of athletes, especially women, are still excluded from equity-driven models, leaving them dependent on short-term sponsorships.
The Move
The opportunity now is to connect strategy, tech, and partnerships so NIL evolves into a sustainable system that benefits athletes, universities & athletic departments, and industry partners.
For University & Innovation Leaders
Cultural Storytelling: Partner with local creative agencies to personalize athlete storytelling with authenticity rooted in community and culture.
Diverse Partnerships: Balance big brand deals with emerging companies (gear, accessories, niche products) to expand partnership opportunities.
Tech Integration: Adopt startup platforms to streamline NIL administration and expand university athletic department capacity.
For Founders & Ecosystem Builders
Revenue Platforms: Build tools that help schools create new revenue streams while boosting athlete branding and performance.
Community Creation: Design digital and physical spaces where athletes, fans, and universities can connect, creating spaces for collective development.
For Sports Executives & Operators
Immersive Experiences: Go beyond sponsorships to co-create fan activations blending athlete stories, real-time data, and next-gen tech.
Innovation Experiments: Test AR/VR, gamification, and digital assets to drive measurable engagement outside of game days and in-venue.
Strategic Alliances: Establish new partnerships between athletic departments and corporate brands and help them get more like professional sports operations.
Key Takeaways
NIL has matured with centralized oversight through the CSC and Deloitte’s NIL GO platform, legitimizing and scaling the market.
Equity is the next frontier, with athletes like Shadeur Sanders leading ownership-based deals that go beyond endorsements.
Women’s sports are pioneering innovation, with Unrivaled showcasing athlete-first, equity-driven models.
Challenges remain, particularly around compliance delays, equity access, and system fragmentation - historically a common problem across college sports
Make Your Next Move with HTX
We are HTX Sports Tech - a consulting agency specializing in strategy and execution.
We partner with investors, athletic departments, startups, and sports properties to navigate change with clarity and purpose. By streamlining operations, enabling smart tech adoption, and turning signals into systems, we help organizations save money, save time, reduce risk, and build for long-term impact and legacy.
The next era of college sports is here. Let’s connect and shape it together.
004. Professionalizing College Sports
Discover how revenue sharing, private equity, and executive leadership are transforming college sports into business-driven ecosystems. Learn about NIL, facility upgrades, digital payments, and innovative strategies for universities, founders, and sports executives to create sustainable value and athlete empowerment in the new collegiate athletics landscape.
Revenue sharing, private investment, and executive leadership are redefining the future of college athletics.
College sports have moved beyond being just a proving ground for student-athletes, they’ve become a multibillion-dollar industry that’s becoming more professional. The line between amateur and professional has all but disappeared, blurred by new regulations, shifting revenue models, and evolving university strategies. At the center of this shift are three key components at play: athlete empowerment, institutional governance, and a demand for innovation.
One of the most significant developments is the entry of private equity into collegiate sports space. Not through traditional equity ownership like we see in pro sports, through private-credit deals set up as loans. Meaning schools can access much-needed capital to cover athlete compensation and facility upgrades, without giving up control of their athletic department program or governance. It’s a fine line between commercial opportunity and the core educational mission.
My time inside the University of Cincinnati athletic department, and later with the Orange Bowl Committee, showed me how the pressures placed on athletic leadership are growing and why fresh financial and operational strategies are essential.
Quick Context
House v. NCAA Settlement: A landmark 2025 legal agreement in July permitting Division I schools to compensate athletes directly, capped at $20.5 million per institution, effectively ending the traditional amateurism model.
Name, Image, and Likeness (NIL): Athletes can monetize their personal brands through endorsements, sponsorships, and partnerships - creating new revenue streams and autonomy.
Roster Caps vs Scholarship Limits: A move from scholarship limits to roster caps, opens the door for more flexibility in resource allocation and roster management by schools.
Private Equity (PE) Debt v. Equity: In college sports, PE firms are entering through private-credit deals. Loans that provide capital without giving up control. A lifeline for schools, but one that has to align with institutional values.
The Shift
The professionalization of college sports is quickly reshaping every layer: compensation, governance, operations, and athlete experience.
The House v. NCAA settlement brings direct athlete payments within new spending caps and replaces scholarship limits with roster caps, offering athletic departments more flexibility and budget control.
Universities like UCLA, Villanova, and Penn State are building out executive leadership teams with Chief Revenue Officers (CRO), signaling a shift toward running athletics like business enterprises. Business leaders focused on revenue growth, brand development, and media rights optimization. PE players like Elevate, backed by Velocity Capital Management and the Texas Permanent School Fund Corporation, have raised $500M to invest in facilities, financing athlete compensation, and new revenue opportunities of premium seating and hospitality upgrades.
An example of facility investment can be seen at the University of Houston, which recently unveiled its $130 million Memorial Hermann Health System Football Operations Center. A 105,000 square-foot facility with state-of-the-art performance and academic support spaces, premium seating including suites and club areas, and athlete amenities designed to enhance fan engagement this upcoming football season.
This complexity is driving demand for specialized leadership. Michigan State, Villanova, and the Big 12 Conference have already established executive-level roles to navigate this era of revenue growth, compliance, and brand management.
The Gap
While the oppportunities are real, so are the risks. A number of gaps could undermine sustainable progress if continuously ignored:
Equity and Inclusion: Compensation models risk widening funding gaps and cutting into Title IX compliance, particularly for non-revenue sports.
Organizational Readiness: Many athletic departments lack the business infrastructure to manage revenue-sharing, compliance, and payment systems at scale.
Athlete Education: Inconsistent access to financial literacy, NIL management, and contract negotiation puts athletes at risk.
Cultural and Legal Uncertainty: The collapse of amateurism raises tough questions about labor rights, collective bargaining, and what it means to preserve the “student-athlete” model.
Private Equity Governance: PE capital brings opportunity, but without strong alignment, it risks clashing with institutional missions.
The Next Move
College sports need role-specific strategies to capture this momentum, balancing growth with equity and compliance.
For University & Innovation Leaders
Universities must take the lead and integrate long-term, systemic solutions that innovate across education, governance, and university missions.
Embed financial, legal, and brand education into both athletics and academics.
Design transparent business models for resource distribution and revenue sharing.
Create alignment between athletic departments and the broader university mission through forward-looking leadership.
New partnerships, like the Big Ten Conference and Big 12 Conference working with PayPal, show how digital ecosystems can streamline athlete payments while enhancing institutional compliance.
For Founders & Ecosystem Builders
Startups and innovators should focus on tools that drive efficiency and empower athletes:
Build integrated platforms for NIL management, compliance, and financial wellness.
Pilot solutions directly with athletic departments to reduce friction and improve outcomes.
Create ecosystems that connect athletes, schools, and startups to accelerate adoption of new technologies.
Develop next-gen payment solutions that support athlete autonomy while protecting institutional guardrails.
For Sports Executives & Operators
Athletic departments must evolve operationally to thrive:
Build cross-disciplinary teams spanning revenue, compliance, athlete services, and marketing.
Scale education programs that equip athletes with financial literacy, NIL strategy, and negotiation skills.
Key Takeaways
The professionalization of college sports is one of the most significant shifts in the history of athletics. The leaders who succeed will be those who embrace the financial, regulatory, and cultural complexity while designing strategies that prioritize equity, compliance, and athlete empowerment.
Make Your Next Move with HTX
At HTX Sports Tech, we work with investors, athletic departments, startups, and properties to help navigate these changes. Streamlining operations, enabling smart tech adoption, and turning signals into systems with the goal of saving them money, saving time, reducing risk, and build for long-term impact.
The next era of college sports is here. Let’s connect and shape it—together.
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