The NFL has notified teams that they would not be able to accept or sign sponsorship arrangements with cryptocurrency trading firms or other cryptocurrency items, according to a report. Non-fungible tokens (NFTs) are likewise prohibited from being sold by teams. In addition, the league is developing a plan for sports trading cards and digital memorabilia.
According to The Athletic, while other professional leagues and sportsmen have welcomed cryptocurrencies and crypto goods with open arms, The NFL, on the other hand, is conservative in its adoption of new technology, as it has always been. When it comes to cryptocurrencies, the league now only intends to allow teams to partner with organizations that are detached from the trading industry and asset managers that sell funds to track the digital currency markets.
The NFL has a series of laws that severely restrict the use of cryptocurrencies and NFTs. The league has already informed clubs that they will neither be able to issue or sell non-fungible tokens, nor will they be able to take sponsorship from cryptocurrency trading organizations. Until the NFL drafts an official plan for the usage of crypto and non-fungible tokens in the league, these rules will remain in effect.
While NFTs and crypto have garnered substantial popularity and adoption in the athletic world, the NFL has been slow to respond to such endeavors, as it has in the past. In addition, the NFL was the last major sports league to allow gambling and liquor sponsors.
An anonymous team representative read aloud a piece of the new official guidelines, which stated;
“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.”
