Cristiano Ronaldo kicks it with NFT holders as court challenges loom

    2024.01.26 | exchangesranking | 48onlookers

    Football superstar Cristiano Ronaldo delivers on some promises to holders of his nonfungible tokens (NFTs) despite some ongoing efforts to take the sports legend to court in the United States. 

    On Jan. 25, crypto exchange Binance released a video of Ronaldo playing football with several fans and holders of his NFTs. Along with fellow Binance endorser Khaby Lame and Croatian footballer Maria Marković, Ronaldo trained with NFT holders and gave them some tips to improve their game.

    Ronaldo instructs the participants on their next football drill. Source: Binance 

    In 2022, the football star signed a multiyear NFT partnership and released his first NFT collection with Binance. The agreement included creating a series of NFT collections with Ronaldo and giving the NFT holders exclusive engagement opportunities with the sports icon. 

    Back then, Ronaldo said in a press release sent to Cointelegraph that his relationship with his fans was very important and the “idea of bringing unprecedented experiences and access” through NFTs is something he wanted to be part of.

    In 2023, the footballer continued to promote NFTs with Binance, even doing stunts like going through a lie detector test when he released his second collection in partnership with the exchange. At the time, Ronaldo admitted that he owned NFTs, and the lie detector confirmed that the athlete was telling the truth.

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    While some enjoyed Ronaldo’s involvement with Web3, others believe that the football star’s involvement with Binance’s NFT arm allegedly promoted investments in unregistered securities on the exchange. On Nov. 27, 2023, users filed a class-action lawsuit against Ronaldo in a United States district court in Florida, claiming that he “actively participated in the offer and sale of unregistered securities in coordination with Binance.”

    Despite the lawsuit, the Binance users experienced difficulties finding and serving Ronaldo as his address in Saudi Arabia is kept private. On Jan. 16, the plaintiffs filed a motion requesting to employ different tactics. This involves sending the notice through e-mail, X (formerly Twitter) and website publication, arguing that it complies with international agreements.

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