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NFL Teams Can Pursue Some Blockchain Deals, but Crypto Promotion Still Banned: Report

source-logo  coindesk.com  + 7 more 22 March 2022 17:10, UTC

The National Football League (NFL) has granted teams limited permission to seek sponsorships with blockchain companies, though restrictions remain for specific cryptocurrencies and fan tokens that can be exchanged for merchandise and experiences, CNBC reported.

  • “Clubs will continue to be prohibited from directly promoting cryptocurrency,” CNBC reported, citing a memo issued Tuesday by the NFL’s chief revenue officer Renie Anderson and chief media business officer Brian Rolapp.
  • The memo revealed that the NFL made the decision to allow “promotional relationships without undertaking excessive regulator or brand risk” after it completed an evaluation of the technology, CNBC reported. The permissions are subject to the NFL’s approval, and exclude stadium signage.
  • Joe Ruggiero, the NFL’s head of consumer products, told CNBC that any deals struck between teams and blockchain companies would not exceed three years in order to give the league flexibility. He added the NFL could sell its league-wide blockchain rights to a company, as well.
  • CNBC reported in February that the NFL has lobbied the SEC on “issues related to blockchain technology.”
  • The NFL didn’t immediately respond to CoinDesk’s request for comment.

Read more: Dapper Labs Is Bringing Its NFTs to the NFL

coindesk.com

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