New Ronaldo NFTs Hit Binance Amid $1 Billion Lawsuit

Cristiano Ronaldo has announced the release of his fourth non-fungible token (NFT) collection in partnership with Binance. This new collection will debut on the Binance NFT Marketplace this week, featuring highlights from Ronaldos football career.

In a blog post, Ronaldo mentioned that his football journey has taken him around the globe, allowing him the privilege to play for some of the most prestigious clubs. He expressed his desire for fans to join him on this journey.

The total number of NFTs in the new collection will be revealed at its launch. While pricing details have not been disclosed, Binance mentioned that all “Normal NFTs” will have the same price, whereas the “final Super Rare NFT” will have a different price point.

Previous NFT collections featuring Ronaldo have included perks beyond the digital space, such as opportunities for holders to play football with Ronaldo as part of Binance promotions.

However, Ronaldos involvement with Binance has not been without controversy. The football star is currently facing a class action lawsuit in a United States district court in Florida related to his previous participation in NFT sales with Binance.

The plaintiffs allege that Ronaldos endorsement led them to make investments that resulted in significant losses. They are seeking damages exceeding $1 billion.

In November 2022, Binance launched its first “CR7” collection of NFTs in collaboration with Ronaldo. Ronaldos “CR7” brand, synonymous with his initials and shirt number, spans various products, including this NFT collection.

Ronaldo promoted the NFTs with the aim of enhancing the NFT landscape and bringing football to a new level. However, the value of these NFTs significantly decreased within a year, with the cheapest in the collection dropping from an initial price of $77 to around $1.

The lawsuit claims that Ronaldo‘s promotion caused a 500% increase in searches for Binance, leading people to invest in what the claimants refer to as “unregistered securities,” such as Binance’s BNB cryptocurrency. Under U.S. law, as stated by the Securities and Exchange Commission (SEC), certain digital assets can be classified as securities. Consequently, endorsements of these assets by celebrities require clear disclosure of the compensation received, which the plaintiffs claim Ronaldo failed to do.

Earlier in January, the plaintiffs explored alternative methods to serve legal papers to Ronaldo. Faced with difficulties in traditional service methods, they filed a motion proposing to use modern communication channels.

The plaintiffs‘ motion seeks permission to serve Ronaldo via email, the social media platform X (formerly Twitter), and through a dedicated website created specifically for the case materials. This approach is suggested due to the uncertainty surrounding Ronaldo’s current address in Saudi Arabia.

The lawsuit also points out Ronaldo‘s massive social media influence, with 850 million followers, as a factor in Binance’s increased popularity and the success of his NFT sales.

In conjunction with this article, WikiFX hopes to remind the public to always exercise caution when investing. Celebrity endorsements or launches do not guarantee success, and there is always risk involved. It is important to conduct thorough research and consider the potential risks before making any investment decisions.