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Tuesday, March 5, 2024

NFL imposes restrictions related to Bitcoin (BTC) and other cryptocurrencies on teams

The National Football League (NFL) of the United States has imposed a series of restrictions on sports teams. Soccer clubs are prohibited from participating in the life of the crypto community, making announcements for cryptocurrency organizations and projects, as well as selling non-fungible tokens (NFTs). (Also Read: The NFT market is doing well and coins are selling at high prices)

Equipment restrictions

The aforementioned restrictions are not supposed to be imposed permanently, but only until the league establishes a strategy for sports digital art and business cards.

According to information from Invezz.com , clubs are now prohibited from selling or otherwise posting advertisements for certain crypto assets, initial coin offerings, or any other type of initial token offering. The use of media controlled by sports clubs for these purposes is also not allowed. The same applies to any other category of media when it comes to blockchain, digital asset, or as a blockchain company, except as described in the policy.

The NFL official said teams are only allowed to discuss endorsement deals if their advertising sponsorship rights are limited to promoting the company’s corporate brands.

Considering the attention the NFT market has received from athletes, including celebrities like Lionel Messi and Naomi Osaka, it was a matter of time before this happened.

Cryptocurrency partnerships, token sales and the launch of NFT collections are becoming increasingly popular in the sports industry. And for some, this is a problem due to the unregulated nature of the digital asset industry.

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