Cristiano Ronaldo announces NFT deal with Binance

• Cristiano Ronaldo signs a sponsorship deal with cryptocurrency exchange Binance.
• The renowned footballer will create a collection of non-fungible tokens (NFTs) sold exclusively through the exchange.
• Digital asset businesses have become some of the largest sponsors of sports athletes and franchises.

Cristiano Ronaldo, one of the sport’s biggest stars, has signed a lucrative sponsorship contract with cryptocurrency exchange Binance, becoming the latest superstar to do so despite the sector’s current turmoil.

The renowned Portuguese footballer, whose career spanned Manchester United, Juventus, and Real Madrid, will collaborate with Binance to create a collection of non-fungible tokens (NFTs) sold exclusively through the exchange.

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Ronaldo’s crypto agreement comes at a time when the price of Bitcoin has dropped more than 70 percent from its autumn 2017 peak, wiping away five years of investor gains. The sell-off has produced a crisis for some of the major traders and lenders in the digital asset business, leading to predictions of a “Lehman moment” for the industry.

“My relationship with the fans is very important to me,” Ronaldo said. “So the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of.”

During the recent crypto boom, digital asset businesses have become some of the largest sponsors of sports athletes and franchises, with multimillion-dollar deals such as Crypto.com’s $700 million renaming of Los Angeles’ primary arena and celebrity TV advertising during the Super Bowl.

Despite spending millions to recruit new investors, crypto prices have continued to fall from their November 2017 peaks. Bettors who purchased Bitcoin after the Super Bowl in February would have suffered a 50% loss.

The decrease in pricing and sluggish trading activity has impacted the revenues of cryptocurrency exchanges. Coinbase, Gemini, and Crypto.com, among others, have announced layoffs in recent weeks. However, Binance has stated that it is financially sound and is proceeding with a hiring drive and further high-profile agreements.

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“Cristiano Ronaldo is one of the world’s best footballers, and has transcended sport to become an icon in multiple industries,” said Binance chief executive Changpeng Zhao.

Lionel Messi of Paris Saint-Germain and Argentina, Ronaldo’s greatest rival, became a global brand ambassador for crypto fan token business Socios in March.