Since the NFL has yet to develop a strategy for “sports digital trading cards and art,” bitcoin and non-fiat currencies have been prohibited, according to reports.
The National Football League (NFL) of the United States has reportedly prohibited all clubs and members from participating in cryptocurrency-related sponsorships and promotions, as well as nonfungible token (NFT) sales.
It has been reported that the NFL has barred cryptocurrency trading firms and non-profit organizations from selling sponsorships until the league develops a strategy “for sports digital trading cards and art,” according to a report by The Athletic.
The following updated NFL standards were given with us by an anonymous NFL member who was familiar with the situation:
“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.”
For the time being, the NFL has decided not to create or sell team NFTs, despite the popularity of NFTs and token sales among professional soccer teams such as PSV Eindhoven, Manchester City, and Arsenal, as well as the National Basketball Association.
According to reports, an NFL official stated that teams would only be permitted to explore sponsorship arrangements with crypto-related “investment advisory and or fund management services” if their advertising sponsorship rights were confined to promoting the company’s corporate identity.
After contacting the NFL for comment, Cointelegraph did not receive a response right away.
Football legend Lionel Messi, tennis star Naomi Osaka, and other sports stars have expressed an interest in cryptocurrency investments in the past. Football player Saquon Barkley announced on July 15 that he intends to convert his endorsement income into Bitcoin (BTC).
Inflation, according to Barkley, is one of the primary reasons why people are unable to save money. In order to combat this, he will be accepting Bitcoin as payment for his marketing efforts.