NFL bans teams from selling NFTs and participating in crypto sponsorships: report

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The National Football League (NFL) would currently ban teams from selling non-fungible tokens (NFTs) and entering into sponsorship deals with crypto trading companies.

According to The Athletic, the league is imposing the temporary policy because it offers a strategy to enter the digital sports and arts card market.

The league also bans NFL teams from selling sponsorship deals with crypto exchanges like FTX. However, The Athletic reports that NFL teams may work with asset management companies selling funds that track the performance of crypto assets.

An anonymous team official reveals new NFL guidelines for the digital asset industry.

Clubs are prohibited from selling, or otherwise permitting in club-controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales, or any other category of media. in connection with blockchain, digital assets or as a blockchain company, except as stated in this policy.

Although the NFL is slow to enter the booming NFT space, the National Basketball Association (NBA) is making hundreds of millions of dollars in sales of digital collectibles. The NFT CryptoSlam resource shows that the NBA Top Shot, which sells short snippets of NBA highlights as digital collectibles, has generated over $ 704 million in all-time sales.

Earlier this year, the Miami Heat of the NBA signed a $ 135 million deal granting the FTX crypto exchange the naming rights to its home arena in Florida. The Chicago Bulls have also launched their own NFT collection in partnership with the online shopping platform Shopify.

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