NFTs
Despite $1 Billion Lawsuit, Cristiano Ronaldo Launches Binance NFTs
Cristiano Ronaldo has revealed his fourth non-fungible token (NFT) collection in collaboration with Binance. The new collection is set to debut on the Binance NFT Marketplace this week, featuring highlights from Ronaldo’s football career.
Ronaldo said in a blog post: “My football journey has seen me travel the world and I have had the honor of playing for some of the most prestigious clubs around. Now it’s your turn to join me on this journey too.”
The exact number of NFTs The new collection will be revealed at its launch. While pricing details remain undisclosed, Binance mentioned that all “regular NFTs” will be priced the same while the “ultimate Super Rare NFT” will be priced differently.
Previous NFT collections featuring Ronaldo have offered benefits beyond the digital space, including premium experiences such as opportunities for holders to play football with Ronaldo as part of Binance promotions.
However, Ronaldo’s involvement with Binance was not without controversy. The football star is currently facing a class action lawsuit in a US district court in Florida related to his past participation in NFT sales with Binance.
The plaintiffs allege that Ronaldo’s endorsement led them to make investments that resulted in significant losses. They are seeking damages in excess of $1 billion.
In November 2022, Binance launched its first “CR7” collection of non-fungible tokens (NFTs) in collaboration with Ronaldo. Ronaldo’s “CR7” brand, synonymous with his initials and jersey number, encompasses several products, including this NFT collection.
On promotion the NFTs, Ronaldo stated that the goal was to elevate the NFT game and take football to the next level. However, the value of these NFTs has plummeted dramatically within a year, with the cheapest in the collection dropping from a starting price of $77 to around $1.
The lawsuit alleges that Ronaldo’s promotion caused a 500% increase in searches for Binance, leading people to invest in what the plaintiffs call “unregistered securities,” such as BNB from Binance cryptocurrency. Under US law, as stated by the Securities and Exchange Commission (SEC), certain digital assets can be classified as securities. Consequently, celebrity endorsement of these assets requires clear disclosure of remuneration receivedwhich the plaintiffs claim Ronaldo did not do.
In early January, the plaintiffs were reportedly exploring alternative methods to serve legal documents on the elusive athlete. Faced with the difficulties of traditional service methods, they presented a motion proposing the use of modern communication channels.
The plaintiffs’ petition seeks permission to notify Ronaldo via email, social media platform X (formerly Twitter) and through a dedicated website created specifically for the case materials. This approach is suggested as a viable solution given the uncertainty surrounding Ronaldo’s current address in Saudi Arabia.
The lawsuit also points to Ronaldo’s enormous influence on social media, with 850 million followers, as a factor in Binance’s rise in popularity and the success of its NFT sales.