NFL Bans Teams From Dealing With NFTs or Crypto
The National Football League has reportedly prohibited its teams and players from becoming involved with cryptocurrency, crypto sponsorships, or the red-hot NFT market. The reason for this move is that the NFL is developing a league-wide digital strategy, and deals of this nature could compete with their offering.
“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.”
From the wording of the directive, it appears that the NFL is serious about keeping its clubs out of anything having to do with cryptos and NFTs. With all the hype surrounding NFTs, it is difficult to see why the league would take such a staunch anti-crypto stance.
The NFL is Walking Away From a Massive Market
The market for NFTs is exploding, and sports teams are perfectly placed to enter the space. With the rough year that COVID19 created for professional athletics, it is difficult to understand why the NFL would cut off its teams from an easy source of badly needed income.
To be sure, any NFL NFTs could be a massive success, as many sports fans love to buy merch from their favorite teams. It is impossible to know if the NFL is taking a firm stance on this issue, or if it is waiting to gain more clarity on how NFTs operate.
Sports Stars Love NFTs and Crypto
Malik Monk, who plays guard at the Lakers, recently Tweeted that he purchased an NFT from the Top Dog Beach Club collection, and plans to buy more NFTs in the future.
Tom Brady, the former Patriots Quarterback, has become heavily involved in the crypto and NFT space.
In the National Basketball Association or NBA, there is no trouble with issuing NFTs. The Golden State Warriors, a popular NBA team, has released its own line of NFTs, which was commercially successful.
Still Growing as an Asset Class
Justin Sun, the founder of Tron, just paid $500,00 for an EtherRock NFT, which is one of the oldest collections of NFTs out there.
The image that Sun purchased is of gray rock with two red lights, which resemble glowing eyes. EtherRocks debuted in late 2017 and may become more valuable if people start to look for early NFTs that were created around the time of the 2017 crypto boom.
