Nfts
Despite Billion Dollar Lawsuit, Cristiano Ronaldo Launches Binance NFT
Cristiano Ronaldo has unveiled 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, showcasing highlights from Ronaldo’s football career.
Ronaldo said in a blog post: “My footballing journey has taken me around the world and I have had the honor of playing for some of the most prestigious clubs in the world. Now it’s your turn to join me on this journey too.
The exact number of NFT of the new collection will be revealed upon its launch. Although pricing details are not disclosed, Binance mentioned that all “normal NFTs” will have the same price, while the “final Super Rare NFT” will have a different price.
Previous NFT collections featuring Ronaldo have offered benefits beyond the digital space, including premium experiences such as the ability for holders to play soccer with Ronaldo as part of Binance promotions.
However, Ronaldo’s involvement with Binance has not been without controversy. The soccer star is currently facing a class-action lawsuit in a United States District Court in Florida over his past involvement in NFT sales with Binance.
The plaintiffs claim that Ronaldo’s support 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, covers various products, including this NFT collection.
In the promotion NFTs, Ronaldo said the goal was to elevate the NFT game and take football to the next level. However, the value of these NFTs has fallen dramatically in a year, with the cheapest in the collection falling from an initial price of $77 to around $1.
The lawsuit alleges that Ronaldo’s promotion caused a 500% increase in searches on Binance, prompting people to invest in what the plaintiffs call “unregistered securities,” such as Binance BNB cryptocurrency. Under U.S. law, as outlined by the Securities and Exchange Commission (SEC), certain digital assets may be classified as securities. Therefore, celebrity endorsement of these assets requires clear disclosure of compensation receivedwhich the plaintiffs claim Ronaldo did not do.
Earlier in January, the plaintiffs reportedly explored alternative methods of serving legal documents on the elusive athlete. Faced with the difficulties of traditional service methods, they tabled a motion proposing to use modern communication channels.
The plaintiffs’ motion seeks permission to serve Ronaldo via email, on the social media platform X (formerly Twitter), and through a dedicated website created specifically for the case documents. 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 massive influence on social media, with 850 million followers, as a factor in Binance’s growing popularity and the success of its NFT sales.