Ronaldo’s NFT Collaboration Faces Legal Challenges

Ronaldo engages with NFT holders in a training session showcased by Binance, fulfilling commitments from his 2022 NFT collaboration.

Cristiano Ronaldo, a superstar in the world of football, has fulfilled some of his commitments to those who hold his nonfungible tokens (NFTs). However, there are continuous efforts in the United States to represent the sports hero in court.

On January 25, the cryptocurrency exchange Binance released a video showing Ronaldo playing football with a group of his supporters and NFT owners.

In collaboration with Khaby Lame, another endorser of Binance, and Maria Marković, a Croatian footballer, Ronaldo conducted a training session with NFT holders, providing valuable advice to enhance their performance.

The football player inked a multiyear NFT collaboration in 2022, and he also released his debut NFT collection with Binance at precisely the same time.

Among the terms of the arrangement were the creation of a series of NFT collections in collaboration with Ronaldo, as well as the provision of special interaction opportunities with the sport’s most famous figure.

Back then, Ronaldo stated in a press release that his relationship with his fans was very important and that the “idea of bringing unprecedented experiences and access” through NFTs was something that he wanted to be a part of.

During 2023, the football player continued to promote non-fungible tokens (NFTs) with Binance. He even performed pranks, such as passing through a lie detector exam, before the publication of his second collection in collaboration with the exchange.

He admitted at the time that he was in possession of NFTs, and the lie detector verified that the player was telling the truth about his ownership of the substance.

Although some people found Ronaldo’s cooperation with Web3 enjoyable, others believe that the football star’s involvement with Binance’s non-financial transaction (NFT) branch allegedly encouraged investments in unregistered stocks on the exchange.

He faced a class-action lawsuit on November 27, 2023, in a United States district court in Florida. The lawsuit asserted that Ronaldo “actively participated in the offer and sale of unregistered securities in coordination with Binance.”

Ronaldo’s address in Saudi Arabia has been kept confidential which made it difficult for the users of Binance to locate and serve him, despite the lawsuit. The plaintiffs submitted a motion on January 16th, requesting the utilization of other strategies.

To accomplish this, the notice will be distributed via e-mail, X (formerly known as Twitter), and website publication, arguing that it is in accordance with international agreements.