Binance, the world’s largest cryptocurrency exchange by trading volume, announced Thursday (June 23rd) that it has signed a partnership with Cristiano Ronaldo to promote non-fungible tokens (NFTs).
As part of the multi-year deal, the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company’s platform, the cryptocurrency exchange said, adding that the first collection would be released. later this year.
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the authenticity of the NFT and verify who owns it.
Sour investor sentiment towards risky assets has led to a drop in cryptocurrencies, including bitcoin, and has also spread to NFTs, which have exploded in popularity over the past year.
Crypto firms have relied on sports partnerships in an effort to go mainstream. Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles to Crypto.com Arena, while crypto exchange FTX Trading sold a stake in the quarterback to the National Football League, Tom Brady.