Cristiano Ronaldo, one of the best soccer players, has recently got into an issue regarding his partnership. While he maintains a diverse portfolio with the businesses he promotes, it seems like he’s gotten himself into a tangle with an uncommon commodity. Cryptocurrency is still not a comfortable discussion for many, despite people claiming it to be user-friendly and trustworthy. Had this deal backed by CR7 backfired?

Instagram’s most followed player has been a chart-topping goal-scoring machine for years. However, the numbers seemed to have not worked the way he expected in a highly complex technological digital platform.

Remembering Cristiano Ronaldo’s month-old advice to investors

The craze of Non-Fungible Tokens hit a niche set of people in the last few years. The celebrity world, which is very fad-oriented, used it as a trial to earn popularity and fame. But Cristiano Ronaldo, being trade savvy with all his businesses, pushed and promoted Binance, a cryptocurrency giant. He said, “For me, it’s all about trust. With a new industry like this, I want to work with the biggest, that is Binance.”

The partnership between Ronaldo and the firm started in November 2022. Being completely virtual, NFT’s value and share are quite complex, as it turned out eventually. With the price fluctuating, investors can land in trouble if they trust it without fully knowing its dynamics.

The company has also been facing internal issues. Apart from the conceptual intricacies, Binance’s CEO was also recently penalized for allegations of money laundering which had concerned investors. The company was issued a fine of $4.3 billion. But it looks like even Cristiano Ronaldo has slipped into the controversy with a lawsuit at his doorstep.

CR7 faces a billion-dollar lawsuit!

CR7’s monstrous impact on the crowd led them to take a risk with the product. After beginning the deal, Binance’s product collection saw a lightning sellout. However, currently, as per the reports, the star is facing a $1 billion lawsuit. A few investors from Florida lodged a class action lawsuit in the USA for suffering huge losses and other crypto-related issues.

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Cristiano Ronaldo, in a social media promotion, promised a revolution in the sport for investors. He said, “We are going to change the NFT game and take football to the next level.” However, the entire promotion seems to have backfired, as the price of the collection went down from $77 to $1 in a year. Also, according to the US law under which it should operate, Ronaldo should have disclosed the amount he received for promotion, which he also did not.

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