KEY POINTS
- Ronaldo's 4th collection with Binance will be launched on Wednesday
- Binance added a "risk warning" disclaimer on a post promoting Ronaldo's new NFT collection
- The storied footballer was sued for allegedly making "deceptive statements" regarding his Binance deal
World-renowned footballer Cristiano Ronaldo will release his fourth nonfungible token (NFT) collection with cryptocurrency exchange giant Binance this week that will feature some of his career highlights.
Ronaldo, a multi-awarded football star, announced the collection late last week, and Binance has been hyping up the collection's launch, scheduled for Wednesday, May 29.
"My football journey has seen me travel around the world, and I've been honored to play for some of the most prestigious clubs out there. Now it's your turn to join me on that journey too," a Binance blog post quoted Ronaldo as saying.
Are you ready to relive our journey together?
— Cristiano Ronaldo (@Cristiano) May 24, 2024
My 4th NFT Collection on #Binance launching soon!
Register here now https://t.co/hRpL9EPsOn pic.twitter.com/ko6yOguNhx
Last year's NFT collection with Binance featured Ronaldo's top all-time goals. Fans were given a chance to own 29,000 NFTS with goal numbers and some of the most memorable goal-related highlights of the legendary player's storied career.
Details regarding the pricing of the collection and the exact number of NFTs within the collection have yet to be announced. Binance did note that a "Normal NFT" will have the same price, while "the final Super Rare NFT" will have a different price tag.
The crypto behemoth noted in a Sunday post regarding the collection that "promotion or endorsement of CR7 assets by Cristiano Ronaldo do not constitute promotion or endorsement of any other Binance assets." The post also came with a "risk warning," informing NFT investors that "digital asset prices can be volatile" and investing parties are "solely responsible" for the purchases they make.
The countdown is on ⏰
— Binance (@binance) May 26, 2024
Only a hat-trick of days (3) until @Cristiano Ronaldo's latest NFT Collection drops exclusively on #Binance.
Stay tuned ➡️ https://t.co/jGf7Vq79jO pic.twitter.com/Gidwfjeo8J
It also reiterated that neither Binance nor its sponsorship partners are liable should investors incur any losses.
Interestingly, the Portuguese football superstar was sued in a class-action lawsuit late in November. The defendants said Ronaldo "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance."
The $1 billion lawsuit further alleged that users who signed up for the footballer's NFTs were more likely to use the crypto exchange for other investments instead of the NFTs, adding that Ronaldo played a crucial role in making the crypto exchange more popular, considering his massive fanbase on social media.
The lawsuit also alleged that the athlete made "deceptive statements" regarding his partnership with Binance that resulted in massive losses for investors. They said both Ronaldo and the crypto giant, which is being scrutinized in the U.S., Canada and Nigeria, were aware that the NFT ads "targeted consumers unfamiliar with crypto."
Ronaldo is just one of several sports figures who have faced lawsuits over their promotions related to the cryptocurrency industry. Among the latest to be dragged into a legal scuffle is the NBA, which has been accused of being "grossly negligent" in collaborating with defunct digital assets lender Voyager Digital.
