NFL restricts teams from participating in crypto and NFT

NFL(National Football League) restricts teams from participating or investing in certain cryptos and NFT entities. Can you believe it? Even football teams have to stay away from digital currency. Cryptocurrency is growing rapidly, and people who didn’t invest in 2014 already regrets it now. And the Non-Fungible Tokens(NFTs) are getting another level of hype. But unfortunately, many rules and regulations surrounding the security of Blockchain technology is keeping everyone in confusion. Let’s know about it more.

NFL restricts players from participating in crypto and NFT
Image source: CoinMarketCap

NFL restricts players and teams. Here’s why.

According to some recent reports, the National Football Team has put restrictions on their teams to participate in anything related to cryptocurrency. Be it investing, promoting or endorsing, for the moment; they are not allowed to do anything related to it.

Probably the step is an initiative to put some control over crimes happening over cryptocurrencies.  Every other day we hear that a company loses a ton of money due to cryptocurrency fraud. And the benefit of transaction through cryptocurrency is that it is untraceable (if done smartly). It’s like a full proof plan on looting someone without any trace.

NFL players and their investments

There are huge names in Football teams who are already into crypto and totally support its idea. One of the stars of the NFL is Tom Brady; he totally supports bitcoin with Laser eyes filter on Twitter. Other than support, Brady has his own NFT company, which is titled Autograph. Autograph has a partnership with DraftKings and Lionsgate. It doesn’t end here; his wife and he himself signed up for a long-term partnership with FTX. By the way, FTX is a cryptocurrency exchange platform built by traders for traders.

NFL restricts players from participating in crypto and NFT
Image source: The block

Again it’s not just the super bowl champion, but the world’s largest crypto asset manager, Grayscale investments, is partnered with the New York Giants. Number 1 NFL Draft Pick Trevor Lawrences puts his signing bonus into digital currency, i.e., cryptocurrency. Even an offensive player like Russell Okung invests half of his salary in Bitcoin.

Then we have Patrick Mahomes, Kansas City Quarterback releases his collection of NFTs in Makersplace earlier this March. Moreover, even the MLB and National Basket Ball Association are totally on board with investing in crypto-assets and non-fungible tokens.

On a positive note

There are no possible reports on players facing repercussions who have already invested in these digital assets. From an anonymous source, we get to know that NFL’s new policy allows sponsorship with some firms. And the firm should be providing investment advice or advice on managing funds with cryptocurrency.

What do you think about the fact that NFL restricts players and teams to invest in cryptocurrency? Do you feel that it’s worth it? Write down your thoughts in the comment section below. And if you like crypto and this article, then do not forget to like and share.

Also read:- Nigerian SEC sets up Fintech Sector for crypto studies.