Crypto exchange Binance partners with Cristiano Ronaldo for NFT push

As part of the multi-year agreement, the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company’s platform, the cryptocurrency exchange said, adding that the first collection would be released later this year.

“Through this partnership, Binance will launch a global promotion aiming to give Cristiano Ronaldo’s fans an introduction to Web3 with a compelling entry point into the world of NFTs,” the release said.

An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the NFT’s authenticity and check who owns it. They represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.

“Over the course of the agreement, Binance and Cristiano Ronaldo will create a series of NFT collections for sale exclusively on the Binance NFT platform. The first NFT collection will be released later this year and feature designs created in collaboration with Ronaldo,” Binance added. The Cristiano Ronaldo NFT collections will be available exclusively on Binance NFT at www.binance.com/en/nft/home.

Souring investor sentiment toward risky assets has led to a plunge in cryptocurrencies, including bitcoin, and has also spilled over into NFTs, which exploded in popularity last year.

Crypto companies have been relying on sports partnerships in a bid to go mainstream. Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles as the Crypto.com Arena, while crypto exchange FTX Trading Ltd sold a stake to National Football League quarterback Tom Brady.

(With inputs from agencies)

 

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