The world’s largest cryptocurrency exchange, Binance, announced partnership with football star Cristiano Ronaldo to promote a series of NFT collections (non-fungible tokens) at a time when the crypto market is in free fall.
As part of the multi-year cooperation agreement between the two parties, the Portuguese star will create a series of NFT collections for sale on the company’s platform, with the first collection due later this year.
NFTs are digital assets on a blockchain – where crypto transactions are recorded – allowing anyone to verify their authenticity and their owner.
Crypto prices in free fall
Deteriorating sentiment for risky assets following interest rate hikes by the Fed and other central banks, have led to a big drop in the value of all crypto, bitcoin not excluded, which was also transmitted to NFTs, which had become fashionable last year.
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Suffice it to note that the price of bitcoin is currently hovering just above $20,000, whereas last November it was close to $70,000. The total capitalization of the crypto market has fallen to $1 trillion from $3 trillion at the end of 2021.
Crypto companies are relying on partnerships with the sports industry in an effort to gain exposure to a wider audience.
Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles as the Crypto.com Arena.
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