While other sports are cashing in on the sponsorship money being thrown around by blockchain and crypto companies one sport has noticeably been on the sideline of it all. The National Football League or NFL had previously enacted a ban on teams signing up for sponsorship deals with these companies. What was so interesting to me about this was that it was just a blanket ban for teams however players were able to sign partnership agreements the biggest name being Tom Brady and what his NFT platform Autographs have accomplished.
Now while the NFL applied a sponsorship ban they did not entirely cut off blockchain and crypto and this can be seen by the league's partnership with Dapper Lab to create and produce its NFT collection called NFL ALL DAY. While the NFT packs have sold out it has not seemed to be near as dominant as Top Shot was or even Candy Digital's MLB collection. Personally, the lagging nature of their NFT collection probably spurred the NFL to change its stance. These owners are smart and while regulation still might not be solidified it is far enough along that it should no longer be considered the issue at hand so with this out of the way and an NFT collection that seems to be lagging change was needed. By allowing partnerships teams will be able to cash in on these high-paying contracts as well as increase focus on what they have already released.
One thing that is disappointing to see and I wondering how much longer they will continue this is that Fan Tokens continue to be banned which really hurts Chiliz and Socios.com the big player in the Fan Token game. This is a huge loss for fans as football is already huge and giving fans the ability to vote on different things and participate in choices is something that would further drive fan engagement. More fan engagement means more money spent on the team's sports merch and the brand increasing in value.
A ban also remains in place for a team accepting crypto and this really does not make too much sense with teams across all sports leagues accepting different cryptos through partnerships. It is not often you see a sport embedded in tradition like Baseball be really light years ahead of the NFL with its crypto adoption and usage. Since a team cannot "sponsor" or appear to promote a cryptocurrency it would appear that Crypto.com and Binance in particular would be out of the running for any of these partnerships due to having native tokens. This leaves FTX and Coinbase to further corner the market when it comes to these types of partnerships. It would also appear to limit the ability for other companies like miners to partner as well due to the connection with Bitcoin.
Overall though this is a great step in the right direction for the NFL as it will not only make them money but also further facilitate adoption. As soon as clearer regulations are passed or agreed to I am sure we will see the development and usage of Fan Tokens which will really help drive fan engagement to a whole new level.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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