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NFL bans the sale of sponsorship cryptocurrency trading firms or NFTs

The National Football League has restricted its teams from selling sponsorships to crypto trading firms or NFTs.

NFL
Photo By "Coinscreed"

The NFL or National Football League recently came up with restrictions on its teams for selling the sponsorships. It has recently banned its teams from selling its sponsorship to any of the cryptocurrency trading firms or NFTs. It thinks that selling their team sponsorship to any of the crypto trading firms will ultimately evaluate the cryptocurrency industry.

As per the report, the league is not on its way to developing an official strategy for the NFTs and cryptocurrency. Till then, their suspension on it will stay in place.

The NFL has prohibited its team members from selling any ads or sponsorships to crypto coins. On the other hand, they cannot sell anything to crypto marketplaces and to other companies which sell blockchain assets. Also, there is a suspension on releasing their own NFTs.

The league has now set its rules which limits what teams can use cryptocurrencies. According to the new rules of the league, teams can opt for collaboration with any crypto adjacent companies. However, the partnership with those who are having direct ties up with crypto, such as exchanges, will go against the guideline of the team.

The report related to this restriction says, “The teams can get sponsorships from 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.”

NFL players are allowed to possess crypto and blockchain company sponsorships. Team members like Trevor Lawrence and Tom Bardy body are having deals with FTX. Brandy launched his platform for NFT, Autobiography.

The NFL was the last sports league in the USA that allowed liquor and gambling sponsors. Other leagues have moved to digital assets. NBA Top Shot has been crafted through a partnership deal among NBA and Dapper labs. It has hosted $675 in its sales since it launched its beta in May 2020.

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