Those quick NFT cash-grabs are coming back to haunt some celebrities. This time it is Cristiano Ronaldo in the hot seat, and buyers of his Binance NFTs.
The lawsuit “alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful.” Binance’s partnership with high-profile figures like Ronaldo, the plaintiffs claim, led them into costly and unsafe investments.” according to an article on ESPN.
I remember when these launched. It was the height of the NFT bubble, and demand for any celebrity attached NFTs was through the roof.
Cristiano Ronaldo launched his NFT “CR7” collection with Binance in November 2022just before the 2022 World Cup. The NFTs had a starting price between $77 to $10,000, and featured seven animated statues depicting Cristiano Ronaldo including iconic moments in his life, from bicycle-kick goals to his childhood in Portugal.
Now that the NFT market has crashed, those buyers have some crypto-related buyer’s remorse it would seem. I’m of the opinion that everyone should do their homework, and if they decide to buy something then they are responsible for their own actions. Imagine if these NFTs had instead gone up to the price levels of the Bored Ape Yacht Club NFTs that regularly sell for between 6 and 7-figures. I’ll bet those same buyers would have been pretty happy, and bragging about how smart they are. So when do people cry when the price crashes and they lose their money? You can’t have it both ways. In the speculative art world there are always going to be winners and buyers, but just as in any market do your own research, or DYOR in crypto speak.
Cristiano Ronaldo faces $1B class-action suit over Binance NFTs