In an unpleasant move for crypto enthusiasts, the major US football league, the NFL has reportedly put a ban on crypto-related advertisements and sponsorships. It has also restricted the sale of NFTs.
The United States National Football League (NFL) has put restrictions on players and teams from getting adverts or sponsorships from businesses dealing in cryptocurrencies. They are also not allowed to be a part of any nonfungible token (NFT) sales.
A report from The Athletic confirms that the ban will be in place until the NFL comes up with a strategy and a defined policy on crypto-related adverts and NFTs. While there is no official announcement yet, a member who chose to be anonymous has shared these details about the updated NFL policy.
“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 move is going to hurt the NFL teams who have been actively seeking sponsorships from cryptocurrency firms and were selling team NFTs. A number of NFL teams in the US had been actively endorsing crypto and partnering with blockchain-based businesses for ticket sales.
The anonymous NFL official has reportedly said that the teams and individual players will only be allowed to have crypto-related deals that are focussed on “investment advisory and or fund management services.” Also, the advertising sponsorship rights of such firms would be limited to corporate brand promotion and not making profits.
