- Ronaldo's Collaboration With Binance in NFT
- Launching the New NFT Collection
- Legal Battles and Consequences
Cristiano Ronaldo, one of the world's most famous soccer players, actively collaborates with cryptocurrency exchange Binance to launch NFT collections. Their goal is to revitalize the NFT market.
Ronaldo's Collaboration With Binance in NFT
Ronaldo and Binance have partnered to revitalize the NFT market by launching multiple collections. Recently, they launched the 'Forever Worldwide: The Road to Saudi Arabia' collection, exclusively available on the Binance NFT Marketplace. This was the fourth collection in their collaboration.
Launching the New NFT Collection
The collection included seven unique NFTs, each representing a key location in Ronaldo's career: Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal. The first drop of this collection became available on May 29, 2024, and was released in multiple phases throughout the football season. The collection concluded with an auction on June 14, featuring extremely rare NFTs. Binance's CR7 program also introduced a 'Collect to Earn' system, rewarding collectors for accumulating more NFTs.
Legal Battles and Consequences
However, Ronaldo's partnership with Binance has faced controversies. In November 2023, a class-action lawsuit was filed against him for promoting the cryptocurrency exchange Binance. The lawsuit, filed in the U.S. District Court in Florida, alleged that Ronaldo's endorsement of Binance in 2022 led users to invest in unregistered securities, resulting in significant financial losses. The lawsuit claims that Ronaldo's endorsement led to a dramatic increase in interest, with searches for the crypto exchange rising by up to 500%. U.S. District Judge Roy Altman denied Ronaldo's request to dismiss the case, allowing the legal proceedings to continue.
The relationship between Cristiano Ronaldo and Binance remains complex. On the one hand, their partnership brings new opportunities to the NFT market; on the other, it is accompanied by serious legal challenges. Future actions could significantly impact the industry.
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