Binance Has Contracted Cristiano Ronaldo To Promote NFT, Released Later This Year

Cristiano Ronaldo signed by Binance.(photo: twitter @Cristiano)

JAKARTA - Binance, the world's largest cryptocurrency exchange by trading volume, said on Thursday, June 23, that it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFT).

As part of a multi-year agreement, the Portuguese football star and Binance will create a series of NFT collections for sale on the company's platform. The cryptocurrency exchange, it also adds that the first collection will be released later this year.

#Binance 🤝 @Cristiano 🐐

We're kicking off an exclusive multi-year NFT partnership with football legend Cristiano Ronaldo.

This is your opportunity to own an iconic piece of sports history and join CR7's Web3 community. pic.twitter.com/3j1lKcqrbn

— Binance (@binance) June 23, 2022

Unfortunately, Binance did not mention anything and how much money the Manchester United star would get in the contract. However, this agreement is predicted to make Binance even stronger in the NFT sector, considering that Ronaldo has a very large number of fans in the world.

NFTs are digital assets that are on the blockchain, transaction records are stored on network computers, and the blockchain functions as a public ledger, which allows anyone to verify the authenticity of the NFT and check who owns it.

Reported by Reuters, Deteriorating investor sentiment towards riskier assets has led to a slump in cryptocurrencies, including bitcoin, and has also extended to NFT, whose popularity exploded last year.

Crypto companies themselves have been relying on sports partnerships in an attempt to go mainstream. Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles as Crypto.com Arena. Meanwhile crypto exchange FTX Trading Ltd is selling shares to National Football League quarterback Tom Brady.