Binance scores Cristiano Ronaldo as partner for NFT push

Binance, the world's biggest cryptocurrency exchange by trading volume, said on Thursday that it has signed a partnership with Cristiano Ronaldo to promote non-fungible tokens (NFTs).

As part of the multi-year deal, the Portuguese football star and Binance will create a series of NFT collections for sale on the company’s platform, the crypto exchange said, adding that the first collection will launch later this year.

NFT is a digital asset that exists on the blockchain, which is a record of transactions that are kept on networked computers, and the blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and check who owns it.

Souring investor sentiment toward risky assets has led to a plunge in cryptocurrencies, including bitcoin, and has also moved to NFTs, which have exploded in popularity last year.

Cryptocurrency companies rely on sports partnerships in an effort to move into the mainstream. Last year, Crypto.com signed a $700 million deal to rename Staples Center in Los Angeles as Crypto.com Arena, while FTX Trading Ltd sold a stake to NFL quarterback, Tom Brady.

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