NFTs

Cristiano Ronaldo suffers legal blow for promoting ‘unsafe’ CR7 NFTs on Cryptocurrency Exchange Binance

Published

3 months ago

8 May, 2024

Cristiano Ronaldo suffers legal blow for promoting 'unsafe' CR7 NFTs on Cryptocurrency Exchange Binance

Cristiano Ronaldo crying (Photo credit: X/@Nicky__Baba)

Cristiano Ronaldo is one of the biggest influencers in the world of sports. He is seen as one of the most marketable athletes whose actions have a mega impact on market shares. But it was his fame and control that landed him in a legal battle, according to reports. The football star is being sued in Florida. The plaintiffs allege that Ronaldo’s endorsement led them to make expensive and unsafe investments in one of the largest cryptocurrency exchanges – Binance. Cristiano Ronaldo, Bernardo Silva, Pepe and other players pose in Portugal’s latest home and away shirts ahead of UEFA Euro 2024 (watch video).

Cristiano appealed for the case to be dismissed, but the judge presiding over “the $1 billion class action lawsuit against the football star” denied his request. Settling the case for trial on May 4, Judge Roy Altman decided to stay the proceedings pending a ruling on a request to compel arbitration. This was done following complaints to the court. Judge Altman also clarified the court’s position on Ronaldo’s appeal by writing, “We deny, without prejudice, defendant’s Motion 29 to Dismiss.”

How Is Cristiano Ronaldo Involved in a $1 Billion Cryptocurrency Class Action Lawsuit?

Cryptocurrency exchange platform Binance announced a collection of non-fungible tokens (NFTs) in partnership with Ronaldo in November 2022. The NFTs were named after the brand owned by Ronaldo – “CR7”. Which are also used for various sports equipment and clothing. Cristiano Ronaldo-Lionel Messi reunion? Al-Nassr clarifies news of CR7 joining Inter Miami.

Promoting them, Ronaldo said the NFT would reward fans “for all the years of support.” They published a video announcing the partnership, where Cristiano Ronaldo told potential investors that “we are going to change the NFT game and take football to the next level”. The Portuguese star continued to promote CR7 NFTs on various platforms – mainly on social media, tempting several potential buyers to invest.

The cheapest NFT in the collection cost $77 when it went on sale in November 2022. And a year later, it cost around $1. Despite this, the big blow came when the company Binance faced criticism with its chief executive , Changpeng Zhao, who pleaded guilty to money laundering charges, which raised a huge question mark over the “trust” placed by investors.

The case was filed in November 2023 and the football star faces a $1 billion class action lawsuit. Now, with his request to dismiss the case denied, the Al-Nassr striker faces a new legal challenge.

(The above story first appeared on LatestLY on May 8, 2024 at 10:26 am IST. For more news and updates on politics, world, sports, entertainment and lifestyle, visit our website lately.com).

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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NFTs

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39 mins ago

27 July, 2024

TokenTalk Staff

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NFTs

AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

Published

2 hours ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiVGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9haS1wb3dlcmVkLWRpc2NvdmVyeS1uZXR3b3JrLWZvci1uZnRzLWxhdW5jaGVzLXB1bHNyLXRva2VuL9IBAA?hl= en -US&gl=US&ceid=US%3Aen

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NFTs

Solana Monkey Business Leads NFT Sales with $875,91K

Published

4 hours ago

26 July, 2024

TokenTalk Staff

Solana Monkey Business Leads NFT Sales with $875,91K

Floptober NFT from above

Image: AI-generated via Midjourney

Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.

The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.

This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.

The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.

The second best performing collection of the day was gETH Locked Deposit.

This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.

The asset was brother-in-law just moments before the transfer is made.

In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.

The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.

Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.

While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.

Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.

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NFTs

ArcadeXYZ Secures $450,000 in Ringers NFTs

Published

6 hours ago

26 July, 2024

TokenTalk Staff

ArcadeXYZ Secures $450,000 in Ringers NFTs

NFT lending remains strong despite the overall downward trend in prices.

Arcade.XYZ, a non-fungible token (NFT)-based lending protocol, secured $450,000 worth of NFTs from Dmitri Cherniak’s Ringers collection on July 24.

The loan is structured with a principal of $16,000 per NFT, and the current highest bid on the Ringers collection on Opensea is 8 wETH, equivalent to approximately $26,000.

The big loan comes at a time when darlings of the generative art scene like Ringers and Fidenzas continue to see their floor prices drop. Bells It is Fidenzas both have surpassed the 2021 minimum price of 100 ETH and are now at just 17 ETH and 32 ETH.

Collateralized Ringers – Arcade.xyz

Despite the slowdown in sentiment and prices around NFTs, the lending market continues to process consistent volume.

Some of the largest platforms, Blend, Gondi, NFTfi, and Arcade process over $80 million in outstanding debt combined. The NFT lending market broke volume records in Q1 2024, surpassing $2 billion in total volume.

Q1’s extraordinary lending volumes can be attributed to Blend’s Blast airdrop incentive and the rise of Ordinals loan in the Arcade.
The largest NFT loan belongs to CryptoPunk 8219 by NFT collector Gmoney, which was guaranteed for $1 million in Gondi XYZ, and holds a current principal of $700,000. A far cry from the claims made in the mainstream media that “Your NFTs are actually, finally, totally worthless.”

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