Binance’s First-Ever Global Ad Campaign Spotlights Ronaldo NFTs

The biggest cryptocurrency exchange in the world, Binance, has started a new global marketing campaign in recognition of Cristiano Ronaldo’s first non-fungible token (NFT) debut.

The NFT collection, often known as the CR7 NFT collection, serves as the cornerstone of a series of drops announcing Ronaldo’s legacy. The seven animated statues that make up the NFTs, which were exclusively released on Binance’s NFT marketplace on Friday and are arranged into four rarity levels, represent significant moments from his career. The most unusual five NFTs will be offered at prices starting at 10,000 BUSD in the 24-hour auction for the 45 highest-value NFTs (BUSD is a U.S. dollar-fixed stablecoin).

The NFT tiers provide unique advantages, such as complimentary “mystery boxes” for new sign-ups, a personalised message from Ronaldo, autographed items, and specific entries to upcoming drops.

The 60-second ad is broadcast on TV, the internet, and social media platforms in 74 countries and 28 languages, claims Ad Age. The action follows last week’s bankruptcy filing by FTX, the primary rival and cryptocurrency exchange to Binance. Sam Bankman-Fried, the former CEO of FTX, is a well-known foe of Changpeng “CZ” Zhao, CEO of Binance, who briefly pondered intervening to salvage FTX but finally decided against it.

Binance did not directly address the FTX issue, but it did make a subtle barb at the collapsing exchange. Yi, co-founder and chief marketing officer of Binance, says that there are hostile actors in our company, but it’s vital to remember that there are also creators and innovators who are working hard to create valuable products and services in Web3.

What is an NFT (Non-Fungible Token)?

NFT, a digital asset refers to a physical object, such as a piece of art, music, an in-game item, or a movie. They are frequently purchased and traded online in exchange for digital currencies, and they are typically encoded using the same programming as many other cryptos.

According to non-fungibility, everything is unique and cannot be replaced by another object. Although it undergoes frequent evolution and uses code comparable to that of digital currencies like Bitcoin or Ethereum, there are no further similarities.

Physical money and cryptocurrencies can be sold or traded for one another, making them “fungible.” The value of one Bitcoin is always equal to the value of another, just as one dollar is always worth another. The fungibility of cryptos makes them a reliable method for blockchain exchanges.

NFTs are unique. NFTs are meticulously marked, so they cannot be substituted for or equalled with one another (consequently, they are non-fungible). For instance, just because two films are NFTs doesn’t automatically equate to every day what one NBA Top Shot clip is. (Also, not every NBA Top Shot video is comparable to another.)

Although other blockchains have their own NFT implementations, the Ethereum blockchain has the majority of NFTs. A cryptocurrency like bitcoin or dogecoin is Ethereum. But its blockchain also keeps track of who is owning and trades NFTs.