Soccer star Cristiano Ronaldo signs exclusive NFT partnership with Binance

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, using Web3 with NFTs as the entry point.

As part of the deal, the Manchester United player will partner with Binance to create multiple NFTs products on the platform, with the first collectibles set to be released later this year.

Ronaldo’s intention to be part of NFTs

Commenting on the partnership, Ronaldo explained that the NFT space is a key element in connecting with his fans.

“My relationship with fans is very important to me, so I wanted to be a part of providing unprecedented experiences and access through this NFT platform. I know the fans will enjoy the collection as much as I do,” Ronaldo said.

Elsewhere, Binance CEO Changpeng Zhao acknowledged that the Portugal international has garnered a loyal following, so there is a need to network.

Although the cost of the partnership between Ronaldo and Binance has not been disclosed, it is worth noting that most cryptocurrency companies have cut spending on advertising and celebrity endorsements amid the ongoing market slump.

As reported by Coinphony, most crypto companies have reduced their advertising budgets by about 90% since Bitcoin’s all-time high in November 2021. Interestingly, some companies like Coinbase (NASDAQ:COIN) have imposed hiring freezes in addition to laying off employees.

More athletes join the NFT room

Notably, Ronaldo is joining a variety of athletes and sporting organizations worldwide, jumping on the NFT trend to keep the fans connected. Coinphony reported that professional basketball player Kevin Durant of the National Basketball Association’s (NBA) Brooklyn Nets has filed 26 NFT and Metaverse trademark applications.

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The applications are designed to help Durant fans buy his downloadable and unique NFTs, NFT-backed media, and crypto collectibles, among others.

In addition, the English Premier League (EPL) has filed two trademark applications to improve interaction with fans.

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