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The plaintiffs claim that they made unprofitable investments due to commercial promotion with Ronaldo, and are therefore demanding compensation in excess of $1 billion (about 350 billion forints). Prosecutors claim that the number of investor inquiries to a cryptocurrency exchange registered in the Cayman Islands increased by 500 percent in the wake of Ronaldo’s announcement.
Back in November 2022, Binance together with Ronaldo announced its first batch called “CR7” in the so-called non-fungible tokens, NFTs, for which, according to the footballer, fans are rewarded for “many years of support”.
In the video announcing the partnership, Ronaldo also told potential investors about it
“We will change the NFT game and take football to the next level.”
The cheapest NFT in the bunch cost $77 when it went on sale in November 2022 — but a year later it was worth just $1.
NFTs are virtual assets that can be bought and sold, but they only exist digitally, and are typically used to identify ownership of, for example, an online photo or video.
The name ‘CR7’ refers to Ronaldo’s letter and shirt number, and has previously appeared on numerous products – from shoes to perfumes.
(BBC /weeks)
