The NFL doesn’t want NFTs or cryptocurrencies … for now
The National Football League (NFL), the association that manages American football in the United States, apparently does not want to go into the non-fungible token (NFTs) fashion. Indeed, the NFL has prohibited American football franchises from selling NFTs and even from signing any partnership with a company in the cryptocurrency sphere.
An American sports media reports that this ban would not be final, however. Above all, the NFL wants to define a strategy to enter this thriving market of digital art and cards. In other words, the association wants to understand this new market before allowing franchises to take the plunge.
Beyond NFTs, the NFL also prohibits teams from partnering with companies in the digital asset industry, like FTX or another exchange platform. On the other hand, collaboration with an investment company offering funds replicating the performance of certain crypto-assets is authorized.
A more traditional association than some of its American counterparts, the NFL has always had difficulty offering new products or letting franchises do what they want with their image. This is undoubtedly why the NFL is reluctant to enter a new field here too.
The NBA and footballers appreciate the NFTs unlike the NFL
While the NFL is cautious on the subject of NFTs and cryptoassets, the NBA, the basketball association in the United States, is not. Indeed, several NFTs have been created and sold, in particular through the NBA Top Shot application, generating more than 700 million dollars in revenue.
Reaching the billion seems only a matter of days, especially when you consider that Dapper Labs, the company that created NBA Top Shot, announced last March that it had raised $ 300 million.
Earlier this year, the Miami Heat franchise signed a 19-year partnership with the FTX trading platform for the naming (sponsorship) of its Florida venue. Finally, the Chicago Bulls launched their own collection of NFTs in collaboration with Shopify.
In Europe, footballers are not left out. The phenomenal success of the French platform Sorare, which offers digital football cards in the form of NFTs, is proof of this. Many players are promoting it, such as Antoine Griezmann or Ronaldinho, who has launched his own collection of NFTs.
In view of the vertiginous figures of non-fungible tokens, it is in any case a safe bet that the NFL will quickly jump into the bath.
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About the author: Benjamin Allouch
Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.