Crypto exchange Binance signs NFT deal with Cristiano Ronaldo. Here's why
Portuguese star footballer Cristiano Ronaldo. (Photo: Twitter/@Cristiano)
Binance, the world's biggest cryptocurrency exchange by trading volumes, has signed a partnership with star Portuguese footballer Cristiano Ronaldo for the promotion of Non-Fungible Tokens (NFTs).
As part of this deal, Ronaldo and Binance will create a series of NFT collections for sale on the company’s platform. Binance said that the first collection would be released later this year.
Through this partnership, Binance will launch a global promotion aiming to give Ronaldo’s fans an introduction to Web3 with an entry point into the world of NFTs.
Web 3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.
#Binance ?? @Cristiano ??
— Binance (@binance) June 23, 2022
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
WHAT IS AN NFT?
A Non-Fungible Token (NFT) is a digital asset having a unique identification code and metadata, which differentiates it from fungible tokens.
NFTs exist on a blockchain, a record of the transactions are kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the NFTs' authenticity and check who owns them.
BINANCE CEO ON THE DEAL
Binance founder and Chief Executive Officer Changpeng Zhao said the company will provide Ronaldo's fans with exclusive engagement opportunities to connect with the footballer and own a piece of sports history.
'Cristiano Ronaldo is one of the world’s best footballers and he has transcended sport to become an icon in multiple industries. He has amassed one of the world’s most dedicated fan bases through his authenticity, talent, and charity work,” Zhao said.
RONALDO ON THE PARTNERSHIP
Commenting on the deal with Binance, Ronaldo said that his relationship with the fans is very important to him, and the idea of bringing experiences and access through the NFT platform is something that he wanted to be a part of.
Proud to be partnering with @binance
— Cristiano Ronaldo (@Cristiano) June 23, 2022
Together we'll give you the opportunity to own an iconic piece of sports history.
I'm excited to take this journey with all of you. Let's change the NFT game with #Binance. pic.twitter.com/SNSCMHggct
'I know the fans are going to enjoy the collection as much as I do,' he said.
CRYPTO-SPORTS PARTNERSHIPS
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 USA’s Los Angeles as the Crypto.com Arena, while crypto exchange FTX Trading Ltd sold a stake to USA’s National Football League (NFL) quarterback Tom Brady, reported Reuters.
Ronaldo’s rival, Argentinian football star Lionel Messi became a global brand ambassador for crypto fan token company Socios in March, reported the Financial Times.