Binance appoints Cristiano Ronaldo as partner for NFT push

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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.

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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.

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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.

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