Cristiano Ronaldo enters an exclusive NFT relationship with Binance
Binance has revealed exclusive cooperation with football superstar Cristiano Ronaldo including non-fungible tokens.
The world’s biggest exchange by trading volume said in a news release dated June 23 that the multi-year cooperation aims to link Ronaldo with his followers by utilizing Web3 and NFTs as an entrance point.
Under the terms of the agreement, the Manchester United player and Binance will develop many NFTs goods for the platform, with the release of the first collectibles expected for later this year.
Ronaldo’s intention to participate in NFTs
Ronaldo noted, in response to the agreement, that the NFT space is essential for engaging with his supporters.
“My connection with the fans is really important to me, therefore I wanted to be a part of giving unique experiences and access via this NFT platform. I am certain that the fans will like the collection as much as I do,” Ronaldo stated.
Aside from this, Binance’s chief executive officer Changpeng Zhao noted that the Portuguese international has acquired a devoted fan following, thus the necessity to connect.
Despite the fact that the cost of the relationship between Ronaldo and Binance has not been disclosed, it is important to note that most cryptocurrency companies have reduced their advertising and celebrity endorsement expenditure in response to the continuing market downturn.
Finbold reports that since Bitcoin’s all-time high in November 2021, the majority of crypto firms have slashed their advertising budgets by almost 90 percent. Interestingly, some organizations, such as Coinbase (NASDAQ: COIN), have implemented hiring freezes and personnel reductions.
More athletes are joining the NFT
Notably, Ronaldo follows a slew of players and sports organizations worldwide in adopting NFT in an effort to maintain fan engagement. Finbold revealed that Kevin Durant of the Brooklyn Nets of the National Basketball Association (NBA) submitted 26 applications for NFT and metaverse trademarks.
The apps aim to assist Durant fans in purchasing, among other things, his downloadable and exclusive NFTs, NFT-backed media, and crypto-collectibles.
Additionally, the English Premier League (EPL) submitted two trademark applications to enhance fan engagement.