As blockchain technology continues to soar in its popularity, adoption, and use, the National Football League (NFL) has given league teams the go-ahead to partner with blockchain technology firms on sponsorship deals.
This announcement which was issued through a memo on Tuesday came after what the league described as a thorough evaluation of blockchain technology, and it is a partial deflection from its earlier stance on an outright ban on blockchain-related sponsorships.
As mentioned in the memo, “Subject to League approval, clubs may now accept advertising (without the use of club marks and logos, unless in connection with a League non-fungible token deal) for NFTs and NFT companies.”
With this new development, teams can now seek sponsorship from blockchain firms such as FTX, Coinbase, Crypto.com, and many others but still aren’t permitted to promote specific cryptocurrencies or fan tokens.
Describing this limitation in permission, the league explained that teams can only have specific brand sponsorship deals for not more than three years. This they believe would shield clubs from associated brand risks while also creating the needed room for flexibility.
NFL Head of Consumer Products, Joe Ruggiero stated that the league believes that blockchain technology can stir a change in certain aspects of the sport such as innovation and fan engagement.
Ruggiero, therefore, said that the NFL is extremely bullish on the emerging technology.
Growing Partnership Between Sport And Blockchain Firms
As the popularity and acceptance of cryptocurrency and blockchain technology continue to grow amongst traditional financial firms, the sports industry also seems not to be lagging in its continuous display of affection for this rising sector.
While the NFL seems to just be waking up to blockchain sponsorships, FTX- a cryptocurrency exchange recently announced Japanese tennis player Osaka Naomi as the global ambassador for the exchange.
In the basketball arena, National Basketball Association (NBA) player Kevin Durant has been signed as the face of crypto exchange Coinbase complementing the role of the trading platform as the “exclusive crypto partner” of the NBA.
Moving to Major League Baseball (MLB), FTX seats as the official crypto exchange of the league, thereby allowing a display of its logo on all umpire uniforms.