Soccer Star Ronaldo Signs NFT Partnership with Binance... Cryptocurrency Promotion Controversy

Appointed as Ambassadors Amid Cryptocurrency Crash
Sports Players Continue Promotions... Authorities Issue Warnings

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Global soccer star Cristiano Ronaldo has signed an NFT partnership with Binance, the world's largest cryptocurrency exchange, and has been appointed as a cryptocurrency ambassador. Cryptocurrency exchanges are reportedly recruiting sports stars as ambassadors to improve their tarnished image following recent consecutive crashes and the Terra-Luna incident. Financial authorities in various countries are putting brakes on the activities of sports stars amid growing consumer damages.

On the 22nd (local time), Binance announced in a statement, "We have signed a multi-year exclusive NFT partnership with soccer star Ronaldo," adding, "The main purpose of this NFT partnership is to introduce the cryptocurrency ecosystem to soccer fans worldwide." According to Binance, Ronaldo's NFT collection is scheduled to be released by the end of this year and will be sold exclusively on Binance's NFT platform.

Changpeng Zhao, CEO of Binance, emphasized in an interview with cryptocurrency media Cointelegraph, "Ronaldo is an icon across multiple industries beyond sports," and said, "We are pleased to offer an exclusive opportunity to participate in an NFT collection connected to Ronaldo."

Ronaldo also stated at a press conference, "My relationship with fans is very important to me, so the idea of providing unprecedented experiences and access through this NFT platform was something I wanted to be involved in," adding, "Fans will definitely enjoy it."

However, as the cryptocurrency market has been crashing daily causing increasing investor losses, and public opinion has worsened due to previous crashes of cryptocurrencies like Terra and Luna, criticism continues that cryptocurrency exchanges are using sports stars for image laundering. Earlier in March, another major cryptocurrency company, Socios, appointed Lionel Messi as a global brand ambassador, marking a series of sports star sponsorships by cryptocurrency companies.

Financial authorities in various countries are also restraining indiscriminate promotional activities of sports stars regarding cryptocurrencies. Last November, another famous soccer star, Andres Iniesta, posted content promoting Binance's cryptocurrency on his social media, which led to a warning from the Spanish financial authorities. The UK Financial Conduct Authority recently issued a warning about retired soccer star Michael Owen posting about NFT investments, citing high risks for investors.

This content was produced with the assistance of AI translation services.