Binance, the world’s biggest cryptocurrency exchange by trading volumes said on Thursday that has been partnered with Portuguese soccer star Cristiano Ronaldo for the promotion of Non-fungible tokens (NFTs).
Binance agree on a multi-year partnership with a soccer star to create a series of NFTs collections for the sale on Binance platform and also said that the first NFTs collection would be released later this year.
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the NFT’s authenticity and check who owns it.
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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