Crypto companies have voraciously sought sports sponsorships — and now they can do so with the most popular league in the U.S.
The NFL adjusted its policy toward blockchain-based companies on Tuesday, permitting teams to seek sponsorships in that realm.
The move allows for “promotional relationships without undertaking excessive regulator or brand risk.”
- The league initially blocked all team sponsorships with crypto and blockchain-related companies.
- Teams are still barred from advertising blockchain companies on stadium signs and may not promote cryptocurrency or blockchain fan tokens.
- Team deals will be no longer than three years, for now.
- Teams were also granted certain permissions to pursue NFT partnerships. In September, the league struck a deal with NBA Top Shot producer Dapper Labs on an NFT project.
Teams may see the Golden State Warriors’ $10 million deal with crypto trading platform FTX as a precedent when negotiating.
The league will discuss the changes with owners at the league’s annual meetings, which commence on Saturday.
Official Crypto Sponsor
The NFL itself could open the bidding for its official blockchain sponsor. Coinbase became the NBA’s exclusive cryptocurrency platform sponsor in a four-year, $192 million pact in October.
The Los Angeles Lakers renamed their home Crypto.com Arena in November in a $700 million deal.
