Binance, the world’s greatest cryptocurrency exchange by buying and selling volumes, stated on Thursday it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs).
As a part of the multi-year settlement, the Portuguese soccer star and Binance will create a sequence of NFT collections on the market on the corporate’s platform, the cryptocurrency change stated, including that the primary assortment can be launched later this yr.
An NFT is a digital asset that exists on a blockchain, a report of transactions saved on networked computer systems, and the blockchain serves as a public ledger, permitting anybody to confirm the NFT’s authenticity and verify who owns it.
Souring investor sentiment towards dangerous property has led to a plunge in cryptocurrencies, together with bitcoin, and has additionally spilled over into NFTs, which exploded in reputation final yr.
Crypto corporations have been counting on sports activities partnerships in a bid to go mainstream. Final yr, Crypto.com signed a $700 million deal to rename the Staples Heart in Los Angeles because the Crypto.com Area, whereas crypto change FTX Buying and selling Ltd bought a stake to Nationwide Soccer League quarterback Tom Brady.