NFTs
Cristiano Ronaldo announces 4th NFT collection with Binance amid billion-dollar lawsuit
KEY POINTS
- Ronaldo’s 4th collection with Binance will be launched on Wednesday
- Binance added a “risk warning” warning to a post promoting Ronaldo’s new NFT collection
- The famous football player was sued for allegedly making “misleading statements” about his deal with Binance
World-renowned football player Cristiano Ronaldo will launch his fourth non-fungible token (NFT) collection with cryptocurrency exchange giant Binance this week, which will showcase some of his career highlights.
Ronaldo, a multi-award winning football star, announced the collection late last week, and Binance is excited about the collection’s launch, set for Wednesday, May 29th.
“My journey in football has made me travel the world and I have had the honor of playing for some of the most prestigious clubs in the market. Now it’s your turn to join me on this journey too,” a Binance blog post quoted Ronaldo as saying.
Last years Collect NFT with Binance featured Ronaldo’s best goals of all time. Fans had the chance to own 29,000 NFTS featuring goal numbers and some of the most memorable highlights from the legendary player’s career.
Details regarding the price of the collection and the exact number of NFTs within the collection have not yet been announced. Binance noted that a “regular NFTs” will be priced the same, while “the final Super Rare NFT” will be priced differently.
The crypto giant noted in a Sunday post about the collection that “the promotion or endorsement of CR7 assets by Cristiano Ronaldo does not constitute promotion or endorsement of any other Binance assets.” The post also came with a “risk warning,” informing NFT investors that “digital asset prices may be volatile” and that investing parties are “solely responsible” for the purchases they make.
It also reiterated that neither Binance nor its sponsor partners are responsible if investors incur any losses.
Interestingly, the Portuguese football star was sued in a class action lawsuit at the end of November. The defendants said Ronaldo “promoted, helped and/or actively participated in the offering and sale of unregistered securities in coordination with Binance.”
O US$1 billion lawsuit further claimed that users who signed up for the football player’s NFTs were more likely to use the crypto exchange for other investments instead of NFTs, adding that Ronaldo played a crucial role in making the crypto exchange more popular considering his massive fan base on social media.
The lawsuit also alleged that the athlete made “misleading statements” regarding his partnership with Binance that resulted in huge losses for investors. They said that both Ronaldo and the crypto giant, which is being scrutinized in the US, Canada and Nigeria, were aware that the NFT ads “targeted consumers unfamiliar with crypto.”
Ronaldo is just one of several sports figures who have faced legal action over their promotions related to the cryptocurrency industry. Among the latest to be dragged into a legal fight is the NBA, which was accused of being “grossly negligent” in collaboration with defunct digital asset lender Voyager Digital.