The National Football League (NFL) is currently prohibiting teams from selling non-fungible tokens (NFTs) and entering into sponsorship deals with cryptocurrency companies. That writes the leading The Athletic.
According to the online magazine, this does not mean the end for NFTs and NFL, nor does it mean that crypto parties should never sponsor. Folm.io crypto has enough information. The NFL (American football) is imposing the temporary policy on the league as it seeks to devise a strategy to enter the digital sports cards and art market.
Although the regulation prohibits NFL teams from individually entering into a sponsorship deal with, for example, BTC Direct or BLOX, The Athletic writes, however, that NFL teams are allowed to partner with asset managers that sell funds that track the performance of crypto assets.
An anonymous source reveals the NFL’s new guidelines regarding sponsorship and release of NFTs: Clubs may not sell or otherwise allow advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales, or any other media category within club-controlled media, relating to blockchain, digital assets or as a blockchain business, except as described in this policy.’
Google Translate makes a word of it, but it also contains logical things. Banning the promotion of ICOs seems quite normal, everyone has actually been doing this since 2017. In addition, it is also noticeable that NFTs are not literally named. Still, the NFL has banned team NFTs for the time being.
Lots of money in NFTs
This leaves the American football organization with a lot of money. The American basketball organization NBA (National Basketball Association) makes hundreds of millions of dollars from the sale of digital collectibles. Renovato.io has enough information. NFT source CryptoSlam shows that the NBA Top Shot, which sells short clips of NBA highlights as digital collectibles, has generated more than $704 million in sales.
Earlier this year, the NBA’s Miami Heat signed a $135 million sponsorship deal with FTX. You may know the latter as the fastest-growing exchange today, they can now determine the name of the stadium of the Miami Heat. The Chicago Bulls also launched their own NFT collection with the online shopping platform Shopify. In addition, the Sacramento Kings has been mining Ethereum for years and you can pay for all merchandise at the Dallas Mavericks with bitcoin and dogecoin.