BREAKING NEWS: DESPITE $1 BILLION LAWSUIT, CRISTIANO RONALDO LAUNCHES NEW BINANCE NFTS

In partnership with Binance, Cristiano Ronaldo has presented his fourth non-fungible token (NFT) collection. This week, the new collection—which features highlights from Ronaldo’s football career—is scheduled to make its debut on the Binance NFT Marketplace.In partnership with Binance, Cristiano Ronaldo has presented his fourth non-fungible token (NFT) collection. This week, the new collection—which features highlights from Ronaldo’s football career—is scheduled to make its debut on the Binance NFT Marketplace.

Ronaldo said in a blog post: “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. Now it’s your turn to join me on that journey too.”

When the new collection launches, the precise amount of NFTs in it will be made public. Binance stated that the “final Super Rare NFT” will have a different price point than the “Normal NFTs,” even if the specifics of the pricing are yet unknown. Prior NFT collections with Ronaldo have provided benefits outside of the digital realm, such as exclusive events or chances for holders to play football with Ronaldo as part of Binance campaigns.

However, Ronaldo’s involvement with Binance has not been without controversy. The football star is currently facing a class action lawsuit in a United States district court in Florida related to his previous participation in NFT sales with Binance.

The plaintiffs allege that Ronaldo’s endorsement led them to make investments that resulted in significant losses. They are seeking damages exceeding $1 billion.

In November 2022, Binance launched its first “CR7” collection of non-fungible tokens (NFTs) in collaboration with Ronaldo. Ronaldo’s “CR7” brand, synonymous with his initials and shirt number, spans various products, including this NFT collection.

In promoting the NFTs, Ronaldo stated the goal was to elevate the NFT game and bring football to the next level. However, the value of these NFTs plummeted dramatically within a year, with the cheapest in the collection dropping from an initial price of $77 to around $1.

The lawsuit alleges that Ronaldo’s promotion caused a 500% increase in searches for Binance, leading people to invest in what the claimants refer to as “unregistered securities,” such as Binance’s BNB cryptocurrency. Under U.S. law, as stated by the Securities and Exchange Commission (SEC), certain digital assets can be classified as securities. Consequently, endorsements of these assets by celebrities require clear disclosure of the compensation received, which the plaintiffs claim Ronaldo failed to do.

Earlier in January, the plaintiffs were reportedly exploring alternative methods to serve legal papers to the elusive athlete. Faced with difficulties in traditional service methods, they filed a motion proposing to use modern communication channels.

The plaintiffs’ motion seeks permission to serve Ronaldo via email, the social media platform X (formerly Twitter), and through a dedicated website created specifically for the case materials. This approach is suggested as a viable solution given the uncertainty surrounding Ronaldo’s current address in Saudi Arabia.

The lawsuit also cites Ronaldo’s 850 million-follower social media following as a contributing factor to Binance’s rise in popularity and the success of his NFT sales.

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