By Hannah Perez
Reports indicate that the top US football league restricted deals with crypto companies and NFT promotion. Although it is looking to hire an expert to develop a strategy.
According to recent reports, members of the National Football League
(NFL) are no longer allowed to engage in certain cryptocurrency-related activities.
The NFL, the largest professional football league in the United States, has banned all teams from making sponsorship deals with cryptocurrency projects and participating in the sale of non-fungible tokens (NFTs). According to The Athletic
, the league has restricted the sale of sponsorships to cryptocurrency and NFT trading companies until a strategy is in place.
The move appears to be in response to a plan by the NFL to establish its own strategy “for digital sports trading cards and art
. A familiar source, who remained anonymous, told the media outlet about the sports league’s new policies.
Clubs are prohibited from selling, or allowing within club-controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other category of media as it relates to Blockchain, digital asset or as a Blockchain company, except as described in this policy.
NFL bans NFTs, but looks to hire a strategist
to the report, the NFL will allow teams to discuss sponsorship deals only with “investment advisory or fund management services
” related to cryptocurrencies. That’s if their advertising sponsorship rights are limited to promoting the company’s corporate brands.
Likewise, the American Football League has ruled out creating or selling NFT collections of its teams, at least for now, a fairly popular trend these days in the sports world. For example, the National Basketball Association (NBA) is leading a successful project to sell digital collectibles, NBA Top Shot. Football teams such as Manchester City and Arsenal
have also launched their own NFTs.
The NFL’s recent decision to ban the sale of NFTs could be because the league is looking to establish guidelines to take over this business. According to Ledger Insights, the NFL is looking to hire a Director of Emerging Products. The position requires expertise in “blockchain
, non-fungible tokens and cryptocurrencies,” sports betting and intellectual property licensing.
As indicated by the media outlet of not.
icias, it is possible that the regulatory cloud over cryptocurrencies, scams and the rapid expansion of the NFT market may have prompted concerns to the NFL around this space.
NFL and cryptocurrencies have history
Many other leagues and clubs have embraced NFT and other initiatives based on Blockchainand the NFL has been no exception. In May, the New York Giants, or the New York Giants, an NFL team, announced a partnership with the Grayscale firm. The deal, the only one of its kind with an NFL team, makes the crypto fund management firm the official sponsor of the Giants.
Some NFL players have also shown their enthusiasm for the technology. Professional athlete, Saquon Barkley, who plays for the New York Giants, changed his Twitter bio this year to include. Bitcoin. While, Sean Culkin, a player for the Kansas City Chiefs, this year became the first NFL athlete to convert his entire salary to crypto.
Culkin’s move comes shortly after Carolina Panthers – also of the NFL – offensive tackle Russell Okung opted to receive part of his salary in Bitcoin as part of a deal in his contract.
It is unknown whether the league’s new policy will affect the Giants ‘ previous deal with Grayscale, as well as independent player initiatives. The NFL has made no official announcement as of press time.
Version by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash