The plaintiffs claim his endorsement led them to make loss-making investments. They are seeking damages of “a sum exceeding” $1bn.
In November 2022, Binance partnered with Cristiano Ronaldo to create a “CR7” collection of non-fungible tokens (NFTs).
While promoting the CR7 NFTs Ronaldo told his fans that it is a gift from him to them, promising that his NFTs is to reward fans “for all the years of their support”.
But instead of getting rewards, his fans that bought the CR7 NFTs recorded tremendous losses running into millions of dollars. Now, they want their money back. They are not fans again.