Cristiano Ronaldo’s $1 Billion Lawsuit Over NFT Promotion
Football superstar Cristiano Ronaldo faced a setback in his legal battle as his motion to dismiss a $1 billion class action lawsuit related to his promotion of non-fungible tokens (NFTs) on Binance was denied by Judge Roy Altman on May 4.
Ronaldo Stuck With $1 Billion Lawsuit
The lawsuit, filed by investors in November 2023, one year after Ronaldo launched his NFT collection “CR7” in collaboration with Binance, alleges that his promotion of these NFTs was deceptive and led to costly investment decisions.
The CR7 collection, named after Ronaldo’s initials and shirt number, features digital collectibles of the footballer and moments from his career, emphasizing innovation, artistry, and fan engagement.
Ronaldo’s Promotions For Binance
Ronaldo’s promotional activities included social media posts, such as playing foosball with another athlete sponsored by Binance. His engagement with the exchange led to a surge in Google searches for “Binance” and the rapid sell-out of his premium NFTs within a week of launch.
Plaintiffs in the lawsuit argue that Binance’s sale of unregistered securities, including NFTs, was facilitated by celebrities like Ronaldo, raising questions about the legal status of such tokens under U.S. securities law.
Arbitration, a private form of dispute resolution, is being considered in this case as a neutral third party may decide the final outcome instead of going to court.
Stay tuned for further developments in this high-profile legal battle involving one of the world’s most renowned footballers and the evolving landscape of NFT promotions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
