Binance and football megastar Cristiano Ronaldo are teaming up for the promotion of non-fungible tokens (NFTs).
Binance, the world’s biggest cryptocurrency exchange by trading volume, announced the partnership with Ronaldo on Thursday.
During the multi-year agreement, the Five-time Champions League winner and Binance will create a series of NFT collections which will be sold on the company’s platform with the first collection set to be released later this year.
An NFT is a digital asset that exists on a blockchain. A record of transactions is kept on networked computers with the blockchain serving as a public ledger, allowing anyone to verify the NFT’s authenticity and its ownership.
Crypto companies have turned to sports partnerships recently in a bid to go more mainstream.
Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles as the Crypto.com Arena, while crypto exchange FTX Trading Ltd sold a stake to National Football League quarterback Tom Brady.
Lionel Messi already has a crypto promotion deal as well, with clubs like Benfica also testing the crypto waters recently so it is no surprise to see Binance and Cristiano Ronaldo forming a partnership.
Cryptocurrencies have taken a hit recently with investors souring towards risky assets with the aftereffects spilling over into NFTs, which exploded in popularity last year.
