The voracious dash from Crypto companies looking for sports sponsorships has already buries its tentacles in leagues and stadiums around the world. But they hadn't yet been able to touch the most popular sport in the U.S.
In a no-brainer decision that will bring millions to the league, the NFL announced they've adjusted its policy toward blockchain-based companies on Tuesday, permitting teams to seek sponsorships in that space.
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. But teams are still barred from advertising blockchain companies on stadium signs and may not DIRECTLY promote cryptocurrency or blockchain fan tokens. Also Team deals will be no longer than three years, for now.
While the rule change also lets teams advertise NFTs and the companies behind them, it won’t allow the use of official logos and other markings in any of the ads. It also blocks teams from engaging in product licensing arrangements or sponsorships for NFTs or NFT companies. It will allow the use of logos and direct sponsorships, however, if they’re in connection with League-level NFT partnerships. Last year, the NFL partnered with NFT company Dapper Labs, creating an entire market of NFTs made up of memorable moments from past games.
NFL Teams are going to be looking at teams from other league as precedent. For example the Los Angeles Lakers, who named their home arena Crypto.com Arena in a $700 Million deal. Or the Miami Heat who did the same with the company FTX for $135 Million. This is the same company the Golden State Warriors’ made a partnership deal of $10 million.
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.
Very soon the names of crypto companies will be heard and seen our television screens every Sunday.
