The 32-team National Football League has announced the surprising temporary halt to crypto sponsorship and the sale of a team or individual non-fungible tokens (NFTs). This move came in place of the league’s ongoing process of developing a strategy for digital trading cards and art in sports.
“Clubs are prohibited from selling or otherwise allowing advertising 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 in. described this policy, ”the Athletic Report explained the new policy as read by a team official who requested anonymity.
NFL new NFT and Crypto guidelines to exempt certain organizations
Currently, however, the NFL teams are supposed to enable collaboration with organizations that only own cryptocurrencies and are currently not involved in trading transactions. On top of that, the temporary ban and banned crypto giants like FTX are allowed to continue their million dollar deals with the league’s teams.
In addition, the team official confirmed that the latest 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 are”.
The NBA’s obsession with NFT
NBA was on top with the hottest NFT starts. Early July, NBAs Sacramento Kings Pilot tests started for the very first Smart Ticket NFT Experience Pass. They announced that this limited edition NFT ticket comes 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. Additionally, the NBA’s Golden State Warriors became the first major professional sports team to sell their non-fungible tokens (NFTs) in April. The collection has been popularly referred to as “Legacy” of digital memorabilia.
Sports arena tokenization is the ultimate mantra for making a fortune for teams and players. Recently, Lionel Messi fans of football went nuts with the launch of its NFT collection called “Messiverse”. Additionally, LeBron James NFT was auctioned off by the NBA for A $ 269,000. Following the NFT of the NBA star, the soccer megastar, Cristiano Ronaldo’s NFT was sold for $ 289,920.
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About the author
Journalism & Mass Comm. Palak is a ’21 graduate GenZ journalist with a background in lifestyle journalism and PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0