Cristiano Ronaldo, the acclaimed Portuguese footballer, has announced a new partnership with Binance for the launch of his fourth non-fungible token (NFT) collection. The upcoming collection, set to debut on May 29 on the Binance NFT Marketplace, will celebrate Ronaldo’s remarkable career, showcasing pivotal moments from his football journey, as detailed in a recent blog post by Binance.
Highlights of the NFT Collection
“My football journey has taken me across the globe, allowing me the privilege to represent some of the most prestigious clubs,” expressed Cristiano Ronaldo in a statement.
“My football journey has seen me travel around the world, and I’ve been honored to play for some of the most prestigious clubs out there,” – Cristiano Ronaldo
The specific number of NFTs in the new collection has not been disclosed, and pricing details are yet to be unveiled. However, it was mentioned that the regular NFTs will maintain a consistent price, while the final Super Rare NFT in the collection will have a unique pricing structure.
Previous NFT initiatives involving Cristiano Ronaldo have gone beyond simply offering digital assets, with NFT holders receiving exclusive opportunities like playing football with the renowned player as part of Binance promotions.
It is important to note, however, that Ronaldo has faced legal challenges concerning his involvement in NFT collection sales with Binance. In November 2023, Ronaldo became embroiled in a class-action lawsuit in a United States district court in Florida.
Legal Issues and Industry Trends
The legal action against Ronaldo coincided with a period where several companies have opted to disengage from the NFT sector. Starbucks terminated its NFT rewards program in March, while GameStop closed its NFT marketplace in January after reducing crypto services over two years. More recently, X, previously known as Twitter under Elon Musk’s ownership, discontinued the option for premium users to utilize NFT images as their profile pictures.
This legal scrutiny comes at a time when Binance is under increasing regulatory pressure globally. In the past year, the Commodity Futures Trading Commission (CFTC) accused Binance of operating an illegal digital asset derivatives exchange and breaching federal laws.
Similarly, the US Securities and Exchange Commission filed charges against Binance Holdings LTD and former CEO Changpeng Zhao (CZ) for allegedly running unregistered exchanges and the unauthorized offer and sale of securities. Binance and CZ admitted to several federal violations, including anti-money laundering offenses and unlicensed money transmission, on November 21, 2023. As part of an agreement with the Department of Justice (DOJ), CZ resigned as the CEO of Binance. In March, investors pursuing legal action against the exchange, CZ, and other executives were granted an opportunity to proceed with their case.
