Cryptocurrency exchange Binance has announced an exclusive non-fungible token (NFT) partnership with soccer star Cristiano Ronaldo.
In a press release issued on June 23, the world’s largest exchange by trading volume noted that the multi-year partnership aims to connect Ronaldo with his fans by leveraging Web3, NFTs serving as an entry point. .
As part of the deal, the Manchester United player will, in collaboration with Binance, create several NFT products on the platform, with the first collectables set to launch later this year.
Ronaldo’s intention to be part of the NFTs
Commenting on the partnership, Ronaldo said the NFT space is key to connecting with his fans.
“My relationship with fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something I didn’t want to be a part of. I know fans are going to appreciate the collection as much as I do,” Ronaldo said.
Separately, Binance CEO Changpeng Zhao acknowledged that the Portuguese international has amassed a loyal fanbase, hence the need to tune in.
While the cost of Ronaldo’s partnership with Binance has not been revealed, it should be noted that most cryptocurrency firms have cut advertising and celebrity endorsement spending amid the current market slump. market.
Most cryptocurrency companies have cut their advertising budgets by around 90% since bitcoin’s all-time high in November 2021. Interestingly, some entities like Coinbase have imposed a hiring freeze in addition to laying off staff .
More athletes join the NFT space
Ronaldo has joined a large number of athletes and sporting entities around the world, who are joining the NFT trend in order to maintain engagement with fans. Brooklyn Nets basketball player Kevin Durant filed 26 NFT and metaverse trademark applications, for example.
These requests are intended to help Durant fans purchase his downloadable and unique NFTs, NFT-backed items, and crypto-collectables, among others.
In addition, the English Premier League has also filed two trademark applications to increase interaction with fans in the world of Web3 and NFT.
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