Ronaldo plunges into NFT space, inks deal with Binance

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Ronaldo plunges into NFT space, inks deal with Binance

 Ronaldo plunges into NFT space, inks deal with Binance

Highlights

  • Footballer Ronaldo is set to launch his NFTs soon in collaboration with the Binance exchange
  • A multi-year partnership has been signed, according to which, Ronaldo will contribute to designs of NFTs.
  • NFTs have been a mixed bag so far, with some of the artworks from artist Beeple being the most expensive

More than cryptocurrencies, it is the non-fungible token (NFT) space that appears to be buzzing at the moment. Earlier, if it was eBay that acquired a marketplace KnownOrigin recently, and actor Keanu Reeves, who pledged his support to NFT artists, now, it is Cristiano Ronaldo, who is set to come up with NFTs soon.

Ronaldo, also one of the most followed sportspersons in the world, has partnered with a major cryptocurrency and NFT exchange. Let’s explore this.

Cristiano Ronaldo to launch NFTs with Binance

Ronaldo has joined forces with the Binance exchange to promote digital assets. Binance is calling this a moment that can bring the footballer’s fans closer to Web 3.0. NFTs are considered a critical part of this new iteration of the internet, which is claimed to be decentralised.

Ronaldo and Binance can launch their first collection this year, the exchange has said in a press release. The partnership will extend to multiple years, with Ronaldo releasing a slew of NFT collections exclusively for Binance’s NFT platform. The underlying artworks will be designed together with Ronaldo, Binance has stated.

Also read: NFT Corner: Coach’s NFT drop; Keanu Reeves to help NFT artists

What are NFTs?

NFTs are a big part of the wider cryptoverse. These digital assets are also based on blockchain technology. Every NFT represents a certain, unique piece of work as art or music. With the use of NFT, the ownership of this work can be registered on any blockchain network like that of Ethereum’s.

Ethereum provides major services, from minting to purchasing, in the NFT space.

Also read: What is the link between KnownOrigin, NFT marketplace and eBay?

Expensive NFTs

Cristiano Ronaldo’s NFTs are yet to be launched, and it is early to speculate whether they would take the market by storm. The NFT history has been a mixed bag so far.

Last year was exceptionally good for NFT enthusiasts. Some of the assets from the CryptoPunk and BAYC projects fetched millions of dollars in sales. NFT artists Pak and Beeple are the two most popular names. Beeple’s previous works are some of the most expensive NFTs ever sold.

This year, from singer Madonna to tennis player Coco Gauff, many have released their NFTs. The success of last year, however, could not be repeated.

Selling price of Beeple’s NFTs

Bottom line

Footballer Cristiano Ronaldo indeed has a global appeal. Across the globe, cryptocurrencies and NFTs are an emerging asset class, but people are wary of wild price swings. Ronaldo’s entry into the game through the Binance platform might bring some positive results.

Also read: 2 NFT cryptos to keep a tab on as eBay acquires KnownOrigin

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