NFTs and crypto sponsorships are temporarily on hold in the NFL it seems as the league has spoken to a media outlet outlining its guidelines in the matter.
NFL to Bid Its Time with NFTs and Crypto Sponsorships
The National Football League has produced a document detailing that it will not allow its franchises to sign partnerships with crypto trading platforms or sell their own non-fungible tokens (NFTs) in a move that is diametrically opposed to what the NBA has been doing since early this year with NBA Top Shot.
The NFL is in the process of looking for a “director of emerging products” who has expertise in “blockchain, non-fungible tokens, and cryptocurrency” the job posting reads. The candidate would also need sports betting and intellectual property licensing background, which suggests that one of America’s biggest leagues is bidding its time.
As the NFL is looking, a report by The Athletic has shed more light on the matter. Essentially, “clubs are prohibited from selling, or otherwise allowing within club controlled media, an advertisement for specific cryptocurrencies, initial coin offering, 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.”
NFTs Already Striking Home with NFL Athletes
The information was provided by an unnamed party to the media outlet. This comes as a double surprise given that Tom Brady has launched his dedicated NFT and blockchain platform Autograph, which has, in turn, teamed up with DraftKings Marketplace.
The prohibition reflects on a broader cautionary approach that the NFL usually assumes when it deals with new technology. Cryptocurrency exchanges have come under a lot of scrutiny in the United States, prompting the league to tread cautiously. The league was similarly skeptical to sports betting, although, in the case of blockchain, it’s far more likely that the NFL is simply bidding its time.
In the meantime, Brady, NFL’s mega-superstar, has been happy to launch his first forays in blockchain space. Regardless of current developments, it’s unlikely for the NFL to stay out of NFT space for long. Teams across the NBA, NHL, and MLB are readily embracing blockchain innovation with NFTs proving a brand new monetization channel.
The NBA already has an advisory board that will explore further uses of blockchain in the league’s day-to-day operations. NFT sales have generated over $700 million by May 2021, with the company increasing its momentum in Q3.