NFL Warns Its Registered Soccer Teams They Cannot Be Part of Future NFTs
National Football League (NFL), a soccer authority, governing world class soccer teams and clubs of the world, has warned teams that at the present moment they cannot engage with any crypto promotion schemes nor they could become part of future NFTs.
Several advertisements were questioned by NFL which involved NFL teams and clubs in promoting various cryptocurrencies, however, the names of the clubs and teams have not been mentioned by NFL.
A few officials of soccer playing clubs/teams have informed that NFL – their governing authority – is restricting them for promoting cryptocurrencies. However, the officials have preferred that their names should be kept secret and not disclosed for various reasons.
The officials told that NFL is their governing body which issues policies and guidelines from time to time. Every member of the NFL is duty-bound to make sure that the policies and guidelines are given due priority in their fulfillment. However, over the past few weeks, NFL has grown concerns with teams/clubs engaging with cryptocurrencies.
Especially, the authority has noticed that several teams/clubs are involved in promoting virtual currencies and initial coin offerings as well. For doing this, the teams are promoting cryptocurrencies/ICOs through advertisements in which the teams are port of.
For instance, very recently teams such as MC Milan, Inter Milan etc. had become part of a crypto initiative. MC Milan had signed an agreement with crypto firm Binance. Under the agreement, Binance has obtained exclusive rights of MC Milan’s jerseys and other clothing. Evidently, crypto logos will be printed on the clothing of MC Milan’s clothing.
Similarly, Inter Milan Club, which is an Italian local club, too has signed a deal with the meme coin i.e. Dogecoin. Likewise, Dogecoin too has acquired the right to print the meme coin’s logo on the clothing of Inter Milan.
The deal between Dogecoin and Inter Milan is for multiple years and there is likelihood that the ban would seriously hurt the deal. There could also be legal consequences if either party fails to fulfill the commitments under the agreement.
NFL’s recent directives now puts a ban upon soccer teams of the world. This could also impact upon teams’ and clubs’ agreement arrangements with crypto trading firms and cryptocurrencies.
The indirect NFL ban has been further extended upon Non-Fungible Tokens (NFTs). Teams have been warned that they cannot associate them with any future project of NFTs. However, the restriction has been imposed for temporary timeframe but until further instructions, teams are required the follow the rules.
It is also expected that the ban will extend also upon the soccer players as well. It is seen very often that sportsmen and celebrities are developing keen interest in NFTs. The major reason for this is the opportunity of grabbing extra money while allowing their fans to connect with them digitally.
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