According to a recent report, the National Football League (NFL) has advised teams that, at least for now, they could not sell non-fungible tokens (NFTs) and sponsorships to digital currency companies. Advertisements for certain crypto assets have been mentioned alongside Initial Coin Offerings (ICOs), according to various anonymous club sources.
Club anonymous sources announce the NFL’s new policy
On Friday, The Athletic reported that sources familiar with the matter detailed that the NFL bans teams from participating in certain crypto companies. The alleged ban on the NFL follows a large number of blockchain, NFT, and cryptocurrency endorsements from a number of star athletes and teams.
For example, Tom Brady has shown his support for Bitcoin with laser eyes, but he has also started his own NFT company called Autograph. Brady and his Brazilian supermodel wife Gisele Bündchen have also signed a long-term partnership with FTX.
But the seven-time Super Bowl champion isn’t the only one diving into the crypto economy. The world’s largest cryptocurrency asset manager, Grayscale Investments, has partnered with the New York Giants. Trevor Lawrence, the NFL’s # 1 draft pick, invested his signature bonus in crypto in May. NFL player and offensive lineman Russell Okung receives half of his salary in Bitcoin (BTC).
Kansas City quarterback Patrick Mahomes posted a collection of NFTs on Makersplace on March 17th. Tampa Bay Buccaneers player Rob “Gronk” Gronkowski also sold an NFT collection. In addition, MLB and the National Basketball Association (NBA) have both got involved in crypto assets and non-fungible tokens.
“Several club sources” from the NFL said the teams at The Athletic Daniel Kaplan are currently unable to contribute to this area. An anonymous NFL team official read the following:
Clubs are prohibited from selling or otherwise allowing the promotion of certain cryptocurrencies, initial coin offerings, other cryptocurrency sales, or other media categories relating to blockchain, digital assets, or as a blockchain company within club-controlled media, except as described in this Policy.
The NFL’s new policy allows certain crypto partnerships
The report does not disclose whether those who have already participated in crypto firms have had a negative impact or whether they have been granted immunity for the time being. If the report carries weight, the action can only prevent the NFL players and teams from following the example of other clubs and players.
The NFL’s alleged new policy allows sponsorship with companies “whose primary business is to provide investment advisory and / or fund management services related to cryptocurrency, provided that such advertising sponsorship rights are limited to promoting the company’s corporate brands,” the anonymous concluded Source.
What do you think of the sources that say the NFL is preventing teams from participating in certain cryptocurrency matters and deals? Let us know what you think on this matter in the comments below.
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