After NBA’s NFT Frenzy, NFL temporarily bans crypto & NFT deals

The National Football League, consisting of 32 teams has announced the surprising temporary halt on crypto sponsorships, as well as the sale of a team or individual non-fungible tokens (NFTs). This move has come instead of the league’s ongoing process of developing a strategy for sports digital trading cards and art.

“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 Athletic report stated the new guidelines, as read by a team official, who requested anonymity.

NFL new NFT & Crypto policies to Exempt certain organizations

However, presently NFL shall allow teams to collaborate with organizations that only hold cryptocurrency and are not associated with trading operations as of now. Furthermore, the temporary ban and excluded crypto giants, such as FTX that are allowed to continue their multi-million-deals with the league’s teams.

Additionally, the team official confirmed that the latest policy allows sponsorships with, “companies whose primary business is providing investment advisory and or fund management services in connection with cryptocurrency, provided that such advertising sponsorship rights are limited to promoting the company’s corporate brands.”

NBA’s NFT Obsession

NBA has been at the top searing with the hottest NFT launches. Earlier in July, NBA’s Sacramento Kings launched pilot testing for the first-ever Smart Ticket NFT Experience Pass. They revealed that this limited edition NFT ticket will come with exclusive privileges and experiences. Sacramento Kings has signed a partnership agreement with Lava and Flow, the blockchain organization that also sponsors NBA Top Shot. Furthermore, in April NBA’s the Golden State Warriors became the first major professional sports team to sell its non-fungible tokens (NFTs). The collection was popularly known as “legacy” with digital memorabilia.

Tokenizing the Sports arena has come as the ultimate mantra to making a fortune for teams and players. Recently, Football’s Lionel Messi fans went gaga over the launch of his NFT collection, named “Messiverse”. Furthermore, NBA’s LeBron James NFT was auctioned at AUD 269,000. Following the NBA star’s NFT, football megastar, Cristiano Ronaldo’s NFT was sold for $289,920.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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