NFL allegedly bans cryptocurrency advertising and NFT sales to teams

The American National Football League (NFL) has reportedly banned all teams and members from sponsoring and advertising related to cryptocurrencies, as well as selling nonfungible tokens (NFT).

According to news NFL has restricted the sale of sponsorship to cryptocurrency businesses and the NFT until the league sets out a strategy “for sports digital business cards and the arts.” The new guidelines were shared by an anonymous NFL member familiar with the matter:

“Clubs are prohibited from selling or otherwise allowing advertisements for specific cryptocurrencies, initial coin offers, other sales of cryptocurrencies, or any other media category in relation to blockchain, digital assets, except as set forth in this document.”

Contrary to trends in the sale of NFTs and tokens from major football teams such as PSV Eindhoven, Manchester City and Arsenal, as well as the National Basketball Association, the NFL has ruled out the creation or sale of team NFTs, at least for now.

An NFL official reportedly said that teams would be allowed to discuss sponsorship agreements with cryptocurrency “investment advisory or fund management services” only if their rights to sponsor advertising were limited to promoting the company’s trademarks.

Interest of famous players

Legendary footballer Lionel Messi, tennis star Naomi Osaka and other sports stars have previously expressed interest in investing in cryptocurrencies. On July 15, NFL star Saquon Barkley shared his intention to convert his approval payments to Bitcoin (BTC).

Barkley cited inflation as one of the main reasons why wealth could not be saved, and said:

“That’s why I’m going to take my marketing money in bitcoin,”

Conclusion

Asset tokenization has only recently begun, yet interest in the NFT is growing, as anyone with access to a digital wallet can buy it. Digital art is a perfect example of how Ethereum can be turned into a verifiable flaw. So hopefully the NFL will soon come up with that strategy, and the ban will only be temporary.