Cristiano Ronaldo signs major deal to produce NFTs with cryptocurrency firm

Cristiano Ronaldo has become the latest big name in football to get involved with cryptocurrency and non-fundgible tokens (NFTs). On Thursday it was announced by both the player and company Binance that the two would be partnering for a ‘multi-year agreement’, although it’s not yet clear how long that is.

NFTs have been the subject of much controversy over the course of the last year, with numerous footballers partnering with or producing their own. One such case was Michael Owen, who was contacted by the Advertising Standards Authority about misleading tweets which claimed his NFTs could not lose value, as per the BBC.

Reuters report that Binance, the largest trader of cryptocurrency, will produce a series of NFTs with Ronaldo later in the year.

It’s not clear how much the agreement is worth, although many footballers have come under fire for their promotion of NFTs, most notably John Terry. His own line dropped in value by 90% in March, as reported by Joe. This follows a general trend in cryptocurrencies losing value in 2022 and the move must have been fairly lucrative for Ronaldo to risk associating his brand with a potentially declining business.

 



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