Binance ties up with Cristiano Ronaldo for NFT push
The first collection will be released later this year.
Binance, the world’s biggest cryptocurrency exchange by trading volumes, said on Thursday it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs).
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.
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.
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.