NFL players union unable to collect $41.8M in NFT-related revenue

The National Football League Players Association (NFLPA) could not cod tens of millions of dollars successful licensing and sponsorship gross linked to the crypto manufacture during the 2022 fiscal year, The Athletic reported, citing sources acquainted with the matter.

The NFLPA disclosed successful its yearly filings with the U.S. Department of Labor that OneTeam Partners owes the national $41.8 cardinal successful revenues earned done sponsorship and licensing deals utilizing players’ brands.

The NFPL said successful its yearly report:

“As of Feb. 28, 2023, determination is uncertainty surrounding postulation of definite accounts receivable from OneTeam Partners, LLC.”

NFT gross missing

OneTeam Partners is simply a institution that helps unafraid sponsorship deals and different licensing opportunities for nonrecreational and collegiate athletes utilizing their brands.

It was acceptable up arsenic a associated task successful 2019 by the NFLPA, the Major League Baseball Players Association and backstage equity to supervise and grip the sports unions’ commercialized enterprises.

The institution besides handles deals for merchandizing and creating subordinate trading cards.

Sources acquainted with the dealings told The Athletic that the missing gross is linked to the NFTs launched successful collaboration with the NFL passim 2021 and 2022.

They besides told the quality outlet that the missing gross apt stems from the NFL’s woody with Dapper Labs, which runs NFTs for the NFL and the NBA.

Dapper Labs

The detonation of NFTs during 2021 and the consequent occurrence of immoderate of the archetypal sports-related NFTs led to a civilization of gross sharing deals successful the industry, including those signed with galore sports leagues.

Some of these deals were inked with amounts crossing $10 million, according to a Sportico report.

However, the ensuing illness of the crypto marketplace caused a accelerated downfall successful the worth of NFTs causing involvement successful the budding assemblage to wane significantly. This led to a crisp interaction connected revenues for companies that were chiefly progressive with NFTs — including Dapper Labs.

Dapper Labs has been struggling amid the prolonged crypto wintertime and its interaction connected the NFT sector. The institution has laid disconnected astir fractional of its unit since the marketplace clang successful May 2022 and reported a important driblet successful revenue.

In an effort to mitigate immoderate of the hardship, the institution requested to renegotiate the presumption of its woody with the NFL successful April.

Sources told Sportico astatine the clip that the discussions could perchance pb to gross sharing guarantees decreasing by 50% oregon more.

The station NFL players national incapable to cod $41.8M successful NFT-related revenue appeared archetypal connected CryptoSlate.