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With the new blockchain rules, NFL teams will look into crypto and NFT deals

NFL teams will be permitted to negotiate cryptocurrency sponsorship deals this year, but don’t expect the Green Bay Packers to play at FTX Field anytime soon. The league issued a statement to its teams on Tuesday clarifying the changes to its blockchain partnership standards. They also stressed their commitment to a step-by-step approach to the emerging market.

The three league officials stated that the league has identified a number of blockchain-related companies that they feel may participate in advertising partnerships with the teams and league without exposing themselves to significant regulatory or brand risk.

Joe Ruggiero, the NFL’s SVP and head of consumer products, expressed optimism about the technology’s potential. Nonetheless, they will exercise caution and consideration in how they engage in this new environment.

Clubs will be able to enter sponsorship arrangements with blockchain-based firms, exchanges, and wallets starting this year. Teams may accept advertisements from NFT firms (including OpenSea), but they will not be able to provide club badges or emblems as part of the deal.

The NFL’s rule on fan token firms hasn’t changed: it still permits for limited agreements, such as the one between the New England Patriots and the Socios. Because the league is still concerned about potential linkages to criminal activity before anticipated regulation, teams will not be allowed to advertise bitcoin, ICOs, or digital assets directly.

Last week, the NFL posted a a job listing on LinkedIn for a Senior Manager, Content Partnership. While the job itself isn’t remarkable, one point in the “responsibilities” section piqued my interest. This focused on identifying growth and new technology opportunities, such as NFTs, cryptos, and AR/VR.

The NFL is looking to extend its gaming presence and make it more accessible to the general public.

Is it feasible that Super Bowls in the future will be broadcast in the metaverse? Is it possible for you to get engaged on the NFL reality show “Hard Knocks”? These are just a few of the hypothetical possibilities for the NFL in the virtual future. Joe Pompliano commented on Twitter that it’s better to be late than never.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.