Despite encountering legal challenges, Portuguese football superstar Cristiano Ronaldo is launching another thrilling NFT collection for his fans. This comes amidst allegations of promoting unregistered securities and luring unsuspecting investors through Binance, one of the leading cryptocurrency exchanges.
Ronaldo’s 4th NFT
Cristiano Ronaldo has announced the launch of his fourth non-fungible token (NFT) collection in collaboration with Binance. The new NFT collection will be available exclusively on Binance’s NFT marketplace on May 29, 2024. It will chronicle the football superstar’s remarkable journey and career highlights, showcasing iconic goals and unforgettable moments.
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Ronaldo’s forthcoming NFT collection on Binance taps into the booming popularity of distinctive digital assets, sparking enthusiasm among football enthusiasts and crypto investors.
The May 27th Binance blog post quotes:
“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.”
Are you ready to relive our journey together?
My 4th NFT Collection on #Binance launching soon!
Register here now https://t.co/hRpL9EPsOn pic.twitter.com/ko6yOguNhx— Cristiano Ronaldo (@Cristiano) May 24, 2024
NFT Collection Details and Pricing
The number of NFTs in the new collection will be revealed when the series launches and the price has not been mentioned yet. However, the post stated that the price will be uniform for every “Normal NFT,” whereas the pricing of “Super Rare” and “Super Super Rare” NFTs will vary.
Endorsement and Risk Warning
In a Sunday post about the collection, the crypto behemoth noted that Ronaldo’s endorsement or promotion of CR7 assets “do not constitute promotion or endorsement of any other Binance assets.” The post also included a “risk warning,” cautioning NFT investors that “digital asset prices can be volatile.” Moreover, the company emphasized that investing parties are “solely responsible” for their purchases.
The countdown is on ⏰
Only a hat-trick of days (3) until @Cristiano Ronaldo’s latest NFT Collection drops exclusively on #Binance.
Stay tuned ➡️ https://t.co/jGf7Vq79jO pic.twitter.com/Gidwfjeo8J
— Binance (@binance) May 26, 2024
Previous NFT events featuring Cristiano Ronaldo have offered perks beyond the digital realm. This included a premium experience where holders were invited to play football with the legend himself as part of a Binance promotion.
Read More: Former Bitcoin Skeptic Donald Trump Vows To Support Crypto Companies
Ronaldo Faces $1B Lawsuit
In a proposed class action lawsuit totaling $1 billion filed on November 27, 2023, three investors alleged that Ronaldo promoted the sale of unregistered securities on Binance. They claimed that they experienced substantial losses from the exchange. Consequently, they asserted that Ronaldo bears partial responsibility for their losses.
In mid-2022, Binance initiated a multiyear partnership with Ronaldo to promote a series of NFTs. The lawsuit alleged Ronaldo’s fame propelled Binance to great heights, prompting his 850M+ followers to invest in the exchange.
The plaintiffs stated:
“Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform.”
Moreover, the complaint highlighted the massive growth of Binance following Ronaldo’s promotion. For example, there has been over a 500% surge in Google searches for the keyword “Binance” following Ronaldo’s participation.
The lawsuit against Ronaldo stemmed from Binance’s past legal troubles, which ended with founder Changpeng Zhao being found guilty in the US of enabling fraud. In April 2024, he was sentenced to four months in detention for his involvement in an alleged money laundering scheme.
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