Cristiano Ronaldo is keeping his promises to nonfungible token (NFT) holders. On January 25, Binance shared a video featuring Ronaldo enjoying a football game with fans and NFT holders, joined by Binance partner Khaby Lame and Croatian footballer Maria Marković.
Ronaldo’s participation is part of a long-term NFT partnership established in 2022, resulting in the launch of his initial NFT collection in collaboration with Binance. This partnership offers exclusive opportunities for NFT holders, underlining Ronaldo’s dedication to providing unique experiences for his fans.
However, Ronaldo faced challenges as users filed a class-action lawsuit in November 2023, in the United States district court in Florida. The lawsuit accused Ronaldo of actively participating in offering and selling unregistered securities in coordination with Binance.
Some critics argue that Ronaldo’s association with Binance’s NFT arm potentially encouraged investments in unregistered securities on the platform.
Despite the lawsuit, serving legal notice to Ronaldo proved challenging. His private address in Saudi Arabia created obstacles for Binance users seeking to notify him of the legal proceedings.
To address this, on January 16, 2024, the plaintiffs filed a motion requesting alternative tactics, including sending notices through email, X (formerly Twitter), and website publication, asserting compliance with international agreements.
This legal saga raises questions about the intersection of celebrity endorsements, cryptocurrency promotions, and potential legal consequences in the evolving landscape of NFTs and digital assets.|
