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

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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

Can NFTs make a comeback? Not until traders feel rich again, says an analyst – DL News

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Can NFTs make a comeback?  Not until traders feel rich again, says an analyst – DL News
  • NFTs are stuck in a brutal bear market.
  • The launch of the Ethereum ETF could reignite interest, an analyst said.
  • Collectors are still buying some high-end NFTs.

In 2024, there is little love left for NFTs.

Popular collections like Yuga Lab’s Bored Ape Yacht Club now costs less than before the NFT craze began three years ago.

Even CryptoPunks, the leading NFT collection with a market value of around US$874 millionthey seem trapped in a brutal bear market.

The situation will not change until crypto traders feel rich again, said Nicolas Lallement, co-founder of NFT data platform NFT Price Floor. DL News.

He said capital “will likely pivot to bluechip NFTs” if the launch of spot Ethereum exchange traded funds triggers a demonstration later this year.

Bluechip is a stock market term for the most reliable and valuable companies on the market.

In crypto, traders use the word to describe tokens or NFTs that they consider to have established value.

In essence, Lallement is alluding to a repeat of the market conditions associated with the first NFT bull run.

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Demand for NFTs soared in late 2021 after Bitcoin rose around 1,140% in the previous year.

With large amounts of newly created capital circulating, many of those who made money piled into NFTs to show off their wealth.

“Ultimately, NFTs act as status symbols,” Lallement said.

Market dilution

There is no guarantee that money from a market-wide rally will flow specifically into NFTs, let alone those that were previously popular.

“We now have NFTs on Bitcoin, Solana and Ethereum L2s, so the market is not just focused on Ethereum like it used to be,” said Lallement.

It’s not just the latest NFTs that are diluting the market.

“These days, everyone is busy with memecoins and DeFi, especially now that celebrities are also participating in it,” said Mahan Fathi, CEO of NFT analytics site NFT Valuations. DL Newsadding that he doesn’t see much liquidity flowing into NFTs.

Many traders have previously used NFTs as vehicles for speculative trading.

The low liquidity of NFTs makes them extremely volatile, creating conditions for huge gains — or total losses.

Memecoins, little-used cryptocurrencies that trade solely based on their popularity, have supplanted NFTs as the asset of choice for traders seeking high-risk bets.

Memecoins based on presidential candidatescelebrities and even comic book artist Matt Furie Pepê the Frog character have taken over the market in recent months.

Pockets of activity

Despite the negative sentiment toward NFTs, there are sophisticated collectors who are still allocating, Fathi said.

In February, a full set of Autoglyphs NFTs were sold for US$14.5 million. Autoglyphs are among the first generative art NFTs created on the Ethereum network.

Then in April, a rare alien, CryptoPunk, was sold for US$12.5 million. Alien Punks are highly coveted because only nine out of 10,000 strong collections feature this feature.

Still, these sales are dwarfed by those of the previous NFT bull market. In February 2022, another alien CryptoPunk was sold for a record $24 million.

There is also the question of whether these sales have any influence on the broader demand for NFTs.

Lallement says yes.

“I expect a ripple effect from these high-end NFTs to more accessible ones at some point,” he said.

Tim Craig is DeFi correspondent for DL ​​News in Edinburgh. Contact him with tips at tim@dlnews.com.

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8 NFT Primitives You Should Know

TokenTalk Staff

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8 NFT Primitives You Should Know About

If DeFi has “legos of money”, then NFTs have “legos of culture”.

Another way to put it? NFT Primitives.

In cryptography, a primitive is a fundamental building block that can be used to create more complex systems or applications.

NFT primitives are important because they pave the way for new innovations and new use cases around NFTs, allowing developers to create more sophisticated and versatile experiences.

To give you a better idea of ​​the programmable possibilities here, let’s look at 8 examples of some of today’s most notable NFT primitives.

1. Zora Protocol Rewards

by Messari

When a creator selects the “Free + Rewards” pricing option when minting their NFTs on Zora, they become eligible for Protocol Rewards by splitting the Zora Mint fee of 0.000777 ETH.

Upon new mintings, these rewards are accumulated in an escrow contract and can be withdrawn by the creator at any time.

Developers or platforms that facilitate the creation of NFT collections or refer collectors to mint NFTs also receive rewards. This includes “referral creation” rewards for those who bring creators to the platform and “mint referral” rewards for those who bring collectors.

Hence, Zora Protocol Rewards introduces a fundamental reward mechanism that can be leveraged to create new applications, for example, alternative self-funded Zora front-ends. It can also be easily integrated into existing NFT projects and platforms.

2.ERC-6551

by Benny Giang

ERC-6551 introduced a fundamental change to the NFT space, allowing NFTs to function as their own smart contract accounts.

By allowing NFTs to own assets, interact with web3 applications, and act as onchain identities, ERC-6551 has significantly expanded the basic properties of ERC-721 tokens. The composable nature of ERC-6551 means it can be combined with other protocols and applications to create innovative NFT utilities.

For example, the original architecture of the AI-based simulation game Parallel Colony was inspired by ERC-6551, as the standard allowed the game’s AI agents to act as wallets and manage their own token assets.

3. Boosts

by Boost

Boost is a distributed incentives protocol. It allows for the deployment of incentives, i.e. tokens, to encourage targeted on-chain actions, and recently we have seen more and more incentives deployed to drive engagement for new NFT mints.

For example, you can set up a boost so that the first 100 minutes of your latest NFT drop will receive 2$OP each as a reward. How you configure the parameters is completely arbitrary and up to you.

That said, Boost’s open and composable design allows it to be easily integrated into other applications, allowing it to serve as a lever for anyone looking to take advantage of its features.

4.DN-404

by Standardizer

DN-404an optimized version of the ERC-404 experiment, helped popularize a new way of creating hybrid tokens that act as both fungible (ERC-20) and non-fungible (ERC-721) tokens.

Consequently, DN-404 can be used in a variety of applications, such as enabling fractional ownership of NFTs, increasing liquidity for NFT projects, and creating new trading mechanisms that leverage fungible and NFT properties.

5. Noun Protocol

by Nouns

One of the most popular NFT primitives is the Noun Protocol.

With this system, Nouns pioneered a complete model for continuous NFT generation, auctions and community governance. This foundation has inspired and been modified by many dozens of spin-off projects to date, leading to the phrase “substantive DAOs.”

The fully on-chain nature of the Nouns Protocol also means that developers can build new applications around Nouns as they please.

6. Net Delegates

by to delegate

Created by the team of Delegates, Net Delegates introduced a new mechanism that allows delegation rights to be bundled into tradable NFTs.

By allowing NFTs to delegate rights, Liquid Delegates have added the ability to trade those rights, claim airdrops, access token-gated communities, and more, all without transferring ownership of the underlying asset.

Projects can use this feature for a variety of purposes, but we’ve generally seen it integrated so that people can safely mint or claim tokens in their vault wallets.

7. Non-Fungible Vaults (NFVs)

by Open Dollar

Developed by Open Dollar, Non-Fungible Safes (NFVs) link collateralized debt positions (CDPs) to transferable NFTs instead of protocol accounts.

This primitive makes ownership of stablecoin loan positions liquid and transferable, improving capital efficiency and flexibility.

In other words? NFVs pave the way for the first secondary lending markets in DeFi and can be integrated into DeFi in new ways thanks to the existence of NFTs.

8. Net Listings

by Skinner

One of the latest NFT primitives is Flayer Net Listingswhich allows rarer non-floor NFTs to be deposited into collection pools in exchange for “Floor Tokens”.

These tokens, for example ƒMILADY, represent the minimum value of the NFT and can be sold to provide immediate liquidity, with the remaining listing value realized in the final sale of the NFT.

Notably, this primitive uses Harberger fees to ensure fair pricing, making it easier to sell NFTs off the floor and access liquidity quickly and smoothly.



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OKX Marketplace partners with Web3 game

TokenTalk Staff

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OKX Marketplace now supports zero-fee Metaplex

SINGAPORE, June 21, 2024 (GLOBE NEWSWIRE) — OKXa leading Web3 technology company, published updates for June 21, 2024

OKX Marketplace Partners with Web3 Game BLOCCLORDS to Launch Exclusive Offer of 300 ‘Legacy Cowherd’ NFTs

OKX Marketplace and medieval Web3 game BLOCKLORDS have teamed up to launch a exclusive draw of 300 Ethereum-based ‘Legacy Cowherd’ NFTs. The giveaway, which began on June 19th and will end on June 26th, offers participants an exclusive chance to receive a ‘Legacy Cowherd’ NFT.

To participate in this campaign, participants must hold a minimum of 0.005 ETH during the campaign period and complete simple tasks on social media, such as following BLOCLORDS on X. More details on how to participate in the campaign can be found here.

BLOCKS presents a player-driven medieval grand strategy game where players’ decisions and skills shape the world and narrative. The game offers various play styles such as farming, fighting, resource management and government, allowing players to create their own destinies. The ‘Legacy Cowherd’, BLOCKLORDS’ newest hero, symbolizes patience, resilience and heritage, guiding his cattle through storms to lush pastures.

For more information, visit the OKX Support Center.

For more information, please contact:
Media@okx.com

About OKX

A leading global technology company powering the future of Web3, OKX offers a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet that gives users access to over 85 blockchains while allowing them to take custody of their own funds. The portfolio includes MPC technology which allows users to easily regain access to their wallet independently, eliminating the need for traditional, ‘written’ seed phrases. Additionally, OKX Wallet’s account abstraction feature Smart Account allows users to pay for transactions across multiple blockchains using USDC or USDT and interact with multiple contracts through a single transaction.
  • DES: A multi-chain and cross-chain decentralized exchange aggregator with 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and 20+ blockchains supported.
  • NFT Market: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings on seven top-tier marketplaces, including OpenSea, MagicEden, LooksRare, and Blur.
  • Web3DeFi: A powerful DeFi platform that supports earning and staking on around 70 protocols across 10+ chains.

OKX partners with many of the world’s leading brands and athletes, including English Premier League champions Manchester City FC, McLaren Formula 1, Tribeca Festival and Olympian Scotty James.

OKX also regularly publishes articles, accessible via OKX Learn. These articles provide readers with in-depth analyzes of all cryptocurrenciesincluding factors that influence Bitcoin Prices It is Ethereum Prices.

To learn more about OKX, download our app or visit: okx.com

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Bitwise launches commercial Pro Ethereum as NFT

TokenTalk Staff

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Bitwise launches commercial Pro Ethereum as NFT

For the first time, Bitwise Asset Management, a crypto index fund manager, has turned an Ethereum TV commercial into an NFT. The move is part of Bitwise’s campaign to raise awareness of Ethereum crypto projects such as stablecoins, NFTs, DeFi and tokenization, while promoting the Bitwise brand.

As part of the campaign, Bitwise made history by offering viewers the opportunity to mint the ads as low-cost, open-edition NFTs through Zora, a widely used NFT platform on Ethereum. This marks the first time a national TV commercial has been minted as an NFT.

Minting profits will be split equally between the Protocol Guild, which supports open source Ethereum developers, and the actors featured in the videos.

There is something about embodying Ethereum in contrast to legacy financial and technology platforms that both highlights its potential and highlights how inefficient the status quo can be. With these announcements, we are excited to highlight Ethereum’s innovative potential with the accessibility, intelligence, and crypto-native spirit that has always defined Bitwise.

said Victoria Kulbanska Anderson, head of growth marketing at Bitwise.

The Ethereum-themed ads were created in cooperation with Studio City PXL and production company Revolver Films. The success of other previous campaigns like ‘Bitcoin Is Interesting’ also suggests that this partnership creates value for the public and for the companies involved in making the commercials.

Bitwise Asset Management is a crypto investment company founded in 2017 and offers its investors investment products such as ETFs, private funds and active solutions.

Read too: Bitwise Updates S-1 for Ethereum ETF After SEC Feedback

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