Football superstar Cristiano Ronaldo fulfills specific commitments to nonfungible token (NFT) holders by participating in a football match with them in a Binance-sponsored training event.
Binance, a cryptocurrency exchange, published a video of Ronaldo playing football with several of his NFT holders and supporters on January 25. Ronaldo, in conjunction with fellow Binance endorser Khaby Lame and Croatian footballer Maria Markovi, instructed NFT holders on developing their game while training with them.
A football player inked a multiyear NFT partnership with Binance in 2022 and issued his debut NFT collection through the platform. A series of NFT collections featuring Ronaldo and exclusive engagement opportunities with the sports icon were provisions of the agreement.
Ronaldo stated in a press release for Cointelegraph at the time that his relationship with his followers was vital and that he desired to be a part of the “idea of providing unprecedented experiences and access” through NFTs.
The footballer continued to promote NFTs with Binance in 2023, even performing antics such as undergoing a lie detector test in conjunction with the exchange when he released his second collection. Ronaldo acknowledged ownership of NFTs then, and the lie detector verified that the athlete was truthful.
Although some individuals derived pleasure from Ronaldo’s association with Web3, an opposing viewpoint posits that the football player’s participation in Binance’s NFT division purportedly encouraged wagers on unregistered securities on the exchange.
Users initiated a class-action lawsuit against Ronaldo in a United States district court located in Florida on November 27, 2023. The plaintiffs alleged that Ronaldo “actively participated in the offer and sale of unregistered securities in coordination with Binance.”
Even with the legal action, the Binance users encountered challenges locating and serving Ronaldo due to the confidential nature of his address in Saudi Arabia.
The plaintiffs filed a petition on January 16 requesting alternative strategies. This entails disseminating the notice via electronic mail, X (previously Twitter), and website publication, with the justification that it adheres to international agreements.