Binance scores Cristiano Ronaldo as partner for NFT push

The Portuguese football star and Binance will create a series of NFT collections for sale on the company's platform. PHOTO: REUTERS

BENGALURU (REUTERS) - Binance, the world's biggest cryptocurrency exchange by trading volumes, said on Thursday (June 23) that it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs).

As part of the multi-year agreement, the Portuguese football 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 NFT's authenticity and check who owns it.

Souring investor sentiment towards risky assets has led to a plunge in cryptocurrencies, including Bitcoin, and has also spilled over into NFTs, which exploded in popularity last year.

Crypto companies have been relying on sports partnerships to go mainstream. Last year, Crypto.com signed a US$700 million (S$973 million) deal to rename the Staples Centre in Los Angeles as the Crypto.com Arena, while crypto exchange FTX Trading sold a stake to National Football League quarterback Tom Brady.

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