Cristiano Ronaldo, one of the world's most famous soccer players, has partnered with Binance to launch multiple NFT collections, aiming to revitalize the NFT market.

Binance recently launched the Forever Worldwide: The Road to Saudi Arabia NFT collection in partnership with Ronaldo. This was the fourth collection in their collaboration and was exclusively available on the Binance NFT Marketplace.

The collection featured seven unique NFTs, each representing a key location in Ronaldo's career: Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal.

Collectors could earn rewards based on the number of unique NFTs they owned. The first drop of the Forever Worldwide: The Road to Saudi Arabia NFT collection became available exclusively on the Binance NFT Marketplace starting May 29, 2024.

The collection was released in multiple phases throughout the football season, ending with an auction on June 14, which featured extremely rare NFTs. Binance's CR7 program also introduced a Collect to Earn system, rewarding collectors for accumulating more NFTs.

A Multi-Year Deal

Partnering with Binance, Ronaldo had launched an NFT collection, marking a multi-year deal that could solidify his position as a significant figure in global crypto adoption.

The partnership was expected to draw many newcomers to crypto when market conditions improve significantly. This collaboration was a strategic move to leverage Ronaldo's global fame to expand Binance's influence, building on existing football partnerships and potentially paving the way for future collaborations with significant brands venturing into the Web3 space.

Controversy and Legal Battles

However, Ronaldo's partnership with Binance faced controversy. He faced a class-action lawsuit over promoting the cryptocurrency exchange Binance in November 2023.

The lawsuit, filed in the U.S. District Court in Florida, alleged that Ronaldo's endorsement of Binance in 2022 led users to invest in unregistered securities, resulting in significant financial losses.

Given Ronaldo's investment experience and resources, the plaintiffs argued that he should have been aware of the potential risks associated with Binance's practices.

"We deny without prejudice the Defendant's 29 motion to dismiss," said Judge Roy Altman.

The lawsuit claims that Ronaldo's endorsement led to a dramatic increase in interest, with searches for the crypto exchange rising by up to 500% following the release of his tokens.

However, Ronaldo faced a setback when a U.S. judge refused to dismiss the class action lawsuit against him.

On May 4, Judge Roy Altman denied Ronaldo's request to dismiss the case and allowed the plaintiffs' request to pause the proceedings while waiting for an arbitration decision.

Future Prospects

Despite the legal challenges, Binance continues to leverage Ronaldo's fame to push its NFT initiatives. The partnership can bring significant attention to the NFT market, attracting both seasoned collectors and newcomers.

As the NFT landscape evolves, this collaboration could serve as a benchmark for future athletes and celebrity endorsements in the digital space.