Limited or Not, The NFL Allowed Clubs To Participate In Crypto Endorsements

2022-03-22 23:57:05

After previously halting all crypto activity in 2021, the National Football League (NFL) allowed the clubs to pursue crypto endorsements, with certain limits. This means that the clubs can endorse blockchain operators in a strictly monitored environment, with restrictions for certain fan tokens and cryptocurrencies alike.

According to the joint official memo by chief revenue officer at the NFL, Renie Anderson, and Brian Rolapp, the NFL’s chief media and business officer, clubs are still not allowed to be directly involved in promoting crypto. Moreover, the joint memo further states that the league will only allow for specific partnerships that won’t impose a risk for the brand of the NFL.

Clubs will continue to be prohibited from directly promoting cryptocurrency. (NFL) will allow promotional relationships without undertaking excessive regulator or brand risk.NFL Memo

Furthermore, as per the memo issued by CNBC, the authorization of these partnerships won’t include any stadium branding or name changing, with all future permissions having to go through the National Football League.

Moreover, Jon Ruggiero, head of consumer products at the NFL, revealed to CNBC that all potential deals between crypto, i.e. blockchain operators and teams will have a three-year limit. The reason for this way of work says Ruggiero, is in order to maintain a flexibility when it comes to crypto endorsements, and not commit to long-term deal.

Interestingly enough, Ruggiero also said to CNBC that it may happen for the NFL to sell its blockchain rights to a blockchain operator in the upcoming months.

The reason why this news stirred quite a few NFL fans around the U.S., is because in September of 2021 the league halted literally every crypto activity in the league. This included buying and selling crypto, crypto advertisements, coin offerings, and basically everything related to crypto and blockchain.

Back then, the NFL said that the reason for the ban was in order to come up with a strategy to utilize on the fact that NFL merchandise was selling without the league’s permission. Today, the NFL seems to have realized the potential of crypto endorsements, and as a result, allowed the clubs to pursue controlled blockchain partnerships.

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