The U.S. National Football League (NFL) has reportedly banned all teams and its members from participating in cryptocurrency sponsorship and advertising practices. They can also not take part in the sale of non-fungible tokens (NFT).
According to The Athletic, National Football League has restricted the sale of sponsorships to crypto trading companies and NFTs until the federation develops a strategy “for sports digital trading cards and art”. There was an anonymous member from the NFL who shared the new guidelines regarding this matter.
“Clubs are prohibited from selling, or otherwise allowing within club controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other media category as it relates to blockchain, digital asset or as blockchain company, except as outlined in this policy.”
In light of the trend of selling NFTs and tokens by major soccer teams like PSV Eindhoven, Manchester City, and Arsenal, as well as the National Basketball Association, the NFL, at least for the time being, has ruled out creating or selling team NFTs. According to the NFL’s official report, groups can only negotiate endorsement deals with crypto-related “investment advisory and or fund management services”.
This is possible only if their advertising sponsorship rights are restricted to promoting the company’s corporate brand. Lionel Messi, the legendary footballer, tennis star Naomi Osaka, and several others sports stars have recently taken an interest in cryptocurrency investments.
On the 15th of July, NFL star Saquon Barkley shared his intention to convert his sponsorship payments to Bitcoin (BTC). He cites inflation as one of the major reasons why it is impossible to keep wealth. He said, “That’s why I am going to be taking my marketing money in Bitcoin”.