Cristiano Ronaldo has struck a collaboration agreement with Binance, the largest cryptocurrency exchange in the world by trading volume, to promote non-fungible tokens (NFTs).
The Portuguese soccer player and Binance will collaborate on a series of NFT collections for sale on the company’s platform as part of the multi-year arrangement, the cryptocurrency exchange said, indicating that the first collection would be made available later this year.
The press release states that through this partnership, Binance will “launch a global promotion seeking to offer Web3 with a persuasive entry point into the world of NFTs to Cristiano Ronaldo’s fanbase.”
An NFT is a digital asset which runs on a blockchain, that is a public database of transactions maintained on networked computers. Everyone may use the blockchain to verify an NFT’s legitimacy and find out who owns it. They stand for a wide variety of distinctive physical and digital goods, such as digital sneakers, collectible sports cards, and real estate.
“As part of the collaboration, Binance and Cristiano Ronaldo will generate a series of NFT collections that will only be available for purchase on the Binance NFT platform. Later this year, the first NFT collection will be unveiled, and it will include designs made in partnership with Ronaldo, according to Binance. The Cristiano Ronaldo NFT series will only be offered on Binance NFT at www.binance.com/en/nft/home.
The decline in cryptocurrencies, including bitcoin, and the spillover into NFTs, which shot to fame last year, are both results of deteriorating market sentiment about risky assets.
In an effort to become more widely accepted, cryptocurrency companies have relied on sports collaborations.
While cryptocurrency exchange FTX Trading Ltd sold a stake to National Football League quarterback Tom Brady last year, Crypto.com signed a $700 million contract to rename the Staples Center in Los Angeles as the Crypto.com Arena.