On November 18, Binance will execute the first of a series of NFT drops themed on Cristiano Ronaldo. Binance has raised doubts over the use of celebrity endorsements for cryptocurrency companies. How much would you be willing to pay for an animated NFT statue of the football player Cristiano Ronaldo based on an iconic moment in his life?
Binance is expecting thousands of dollars for the rarest. The biggest cryptocurrency exchange in the world is once again making news, but this time it’s not because it’s considering buying the scandal-plagued FTX exchange; instead, it’s making celebrity connections.
The first of a series of Ronaldo-themed NFT drops is scheduled to take place on November 18, only a few days before the start of the World Cup in Qatar. The deal between Binance and Ronaldo’s CR7 was signed during the summer.
Different NFTs will entitle their holders to various rewards, including a greeting from Ronaldo, entry into giveaways, and mystery boxes. It’s not quite the one-on-one zoom call that Anthony Hopkins provided in his latest NFT drop, but the specifics of the benefits included in the Ronaldo-themed NFT collections released in 2023 have yet to be revealed.
Although their criticism was intended to be tongue-in-cheek, Binance’s previous statements on partnerships between crypto companies and celebrities were critical. In February, just before the Super Bowl, it ran an advertisement that warned against stars promoting cryptocurrencies and included NBA great and celebrity Jimmy Butler.
The exchange said it selected celebrities for its promotion who were well-known for their honesty and independence. The failure of FTX has brought renewed attention to the sports star ties that the exchange had accumulated in recent years. It is unknown what the details of each deal with FTX are, although it has been rumored that Brady, Curry, Ohtani, and Osaka all got stock holdings in the company.