NFL teams get barred in dealing with Crypto and NFTs

NFL teams get barred in dealing with Crypto and NFTs

The professional American football league (National Football League) bans all its teams and members from engaging in crypto-based dealings and selling non-fungible tokens (NFTs).

The NFL informed teams last month they could not, for now, sell sponsorships to cryptocurrency trading firms. Teams cannot sell non-fungible tokens (NFTs) as the league develops a strategy for sports digital trading cards and art in the hot and cold market.

New and revised guidelines were issued that said:

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.

The counterparts of the NFL – National basketball association, PSV Eindhoven, Manchester City are permitting the use of NFTs and token sales.

The association also said in an official statement, teams would only be allowed to discuss sponsorship deals with crypto-related investment advisory and or fund management services if their advertising sponsorship rights are limited to promoting the company’s corporate brands.

Sports stars are increasingly showing interest in crypto-based investments. Likes such as Lionel Messi, Naomi Osaka, and Saquon Barkley are coming to Crypto.

The NFL is also ruling out, for the time being, team NFTs. The NBA has had great success with NBA Top Shot, its vault of NFTs, digital highlights marketed as unique to the buyer. NBA Top Shot is operated through the league and not by teams.

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