• 19 June, 2024
News

Cristiano Ronaldo to Launch 4th NFT Collection with Binance Despite $1B Lawsuit

Despite facing a $1 billion lawsuit, Portuguese football superstar Cristiano Ronaldo plans to produce his fourth NFT collection in collaboration with Binance. Ronaldo announced the launch via the X platform, urging fans to register for the event, which will begin on May 29. The new collection will feature notable events from Ronaldo’s storied career, making it an eagerly awaited release for both his fans and NFT enthusiasts.

This latest collection, set to be available on the Binance NFT Marketplace, will offer NFTs at a fixed price, with the exception of the “Super Rare NFT.” Although specific details about the total number of NFTs and their pricing remain under wraps, previous collections have included exclusive benefits. These perks ranged from digital memorabilia to unique experiences such as playing football with Ronaldo himself.

Nevertheless, a partnership with Binance has not been very smooth for Ronaldo. He was in a class action lawsuit at federal district court Florida in November 2023. There are allegations that Ronaldo played a part in the sale of unregistered securities as well as being involved in their promotion alongside Binance. The plaintiffs further contend that Ronaldo should have known that these actions were unlawful.

Additionally, Ronaldo faced another lawsuit from three investors who accused him of promoting unregistered securities on the Binance platform. These investors alleged they suffered significant financial losses and held Ronaldo partially responsible due to his active collaboration with the exchange. This lawsuit, demanding $1 billion in damages, underscores the growing scrutiny over celebrity endorsements in the cryptocurrency and NFT space.

Cristiano Ronaldo’s CR7 NFT Training Day Sets New Standard in Fan Engagement

Despite the legal challenges, Ronaldo continues to participate in the NFT market. His past collections have received a lot of attention and involvement, thanks in part to the special experiences that NFT members may enjoy. The new edition hopes to capitalize on this success by drawing both football fans and NFT collectors.

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