Nfts
Cristiano Ronaldo faces legal setback over “CR7” NFT promotion
Renowned soccer star Cristiano Ronaldo is facing a legal setback since the American judge recently refused to dismiss a class action against him.
The trial centers on Ronaldo’s support for Binancethe popular cryptocurrency exchange, and its NFT CR7alleging that its promotional efforts led investors to make dangerous and costly financial decisions.
The class action lawsuit, filed in Florida, seeks damages in excess of $1 billion, with plaintiffs claiming that Ronaldo’s promotional activities induced them to invest in Binance and related NFTs, resulting in substantial financial losses.
Source: Binance
The origin of the trial
The trial concerns a partnership announced in November 2022 between Binance and Ronaldo, where Binance released a collection of NFTs bearing Ronaldo’s initials “CR7” and his iconic jersey number. The CR7 brand is widely recognized in football circles and Ronaldo has used it for various product promotions.
Ronaldo promoted Binance NFTs on Instagram several times earlier this year and the lawsuit claims these endorsements encouraged fans to invest in NFTs and other Binance-related products, ultimately leading to costly ventures and high risk.
As Ronaldo’s legal team sought to have the lawsuit dismissed, Judge Roy Altman issued a ruling on May 4 denying Ronaldo’s motion to dismiss and granted the plaintiffs’ request to stay the proceedings pending a ruling. ‘arbitration.
The judge’s order stated, “We deny without prejudice Defendant 29’s motion to dismiss,” indicating that Ronaldo could file a new request later.