This professional footballer and Binance teamed up to promote the NFT

This professional footballer and Binance teamed up to promote the NFT

Cristiano Ronaldo and Binance, the largest cryptocurrency exchange in the world by trading volume, have partnered to promote non-fungible tokens (NFTs).

This professional footballer and Binance teamed up to promote the NFT

The blockchain acts as a public ledger, making it possible for anybody to confirm an NFT’s legitimacy and find out who owns it. A blockchain is a record of transactions preserved on networked computers.

The Portuguese soccer player and Binance will collaborate on a series of NFT collections for sale on the company’s platform as part of the multi-year arrangement, the cryptocurrency exchange said, noting that the first collection would be made available later this year.

Souring investor sentiment toward 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 in a bid to go 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.

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