The Portuguese soccer star and Binance have signed a partnership with Cristiano Ronaldo for the promotion of non-fungible NFTs, which will be released later this year, as part of the multi-year agreement.
An NFT is a digital asset that exists in a record of transactions on networked computers, and is used as a public ledger, allowing anyone to verify the NFT's authenticity and check who owns it.
A plunge in cryptocurrencies, including bitcoins, has also spilled over into the NFTs, which exploded in popularity last year because of investor sentiment toward risky assets.
In a bid to go mainstream, the companies have been relying on sports partnerships.