Despite the increasing popularity of cryptocurrencies, it has yet to shake off its reputation as a racket. One of the examples of these companies still hesitant to work with crypto is the NFL. With the incredible popularity of the NFL and the rise of NFTs, they have yet to allow them.
Teams were informed by the NFL that, for the time being, they cannot work with crypto trading firms. Sources from multiple clubs said that the teams cannot work with or sell sponsorships to crypto firms for now. They also informed players that they do not have permission to sell NFTs as of yet.
Of course, the important thing to consider here is that the NFL says that they cannot engage “for now.” They are currently trying to develop a strategy for crypto as well, to better monetize their teams. They still have a way to go when it comes to accepting crypto. The league is also working on its own strategy for both the cold and hot markets. They are looking for avenues to monetize their art and digital trading cards.
The NFL is notorious for how long they usually take when accepting new commercial categories. On the other hand, various other leagues have already started adjusting to NFTs and crypto. Many leagues have even started accepting crypto as a form of payment, ad even have some as sponsors.
A good example of the NFL’s notorious slow pace is how they did not initially allow gambling and alcohol during their matches. But they have recently reduced their restrictions and allow both during all types of matches.
The NFL also clarified its decision and said that there are some exceptions to what they can accept. They said that teams can only work with companies that do not closely associate with trading crypto. So an asset manager who tracks the digital currency market can work with the league’s teams.
An anonymous team officially released the official statement that gives a clearer picture of the matter. The official statement says that clubs cannot sell or promote specific crypto, initial coin offerings, or crypto sales. The official document makes it very clear that cryptocurrencies do not have a place in the NFL, yet.
However, despite making it very clear that they will not allow various crypto, they do have one exception. Digital currency exchange FTX is one of the few exceptions that the league is making. Tom Brady has endorsed it, and it has gone on to make deals with the Miami Heat’s arena. The exceptions also include team NFTs, which have been very successful for the league.