01/12/2023 Cristiano Ronaldo faces $1bn lawsuit after launching NFT collection

Ronaldo and Binance are yet to publicly comment on the lawsuit - and just two days ago, the former Manchester United player said he was "cooking something up" with the embattled trading platform.

Cristiano Ronaldo. Pic: Binance Image:Cristiano Ronaldo. Pic: Binance

Cristiano Ronaldo has been hit with a $1bn (£791m) class action lawsuit for his involvement in promoting non-fungible tokens.

The Portuguese footballing legend had launched his own collection of NFTs through Binance, the world's largest crypto exchange, in the run-up to last year's World Cup.

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NFTs are a form of digital art with varying levels of uniqueness, and Ronaldo's range featured animated statues depicting iconic moments in his life.

Some of the rarest collectibles had sold for up to $10,000 (£7,900), but aggrieved customers claim his endorsement led them to make costly and unsafe investments.

This lawsuit comes a week after Binancereached a $4bn (£3.2bn) settlement with US regulators - sparking the shock resignation of Changpeng Zhao as CEO.

The billionaire, known as "CZ", has pleaded guilty to breaking anti-money laundering laws and could face prison time when he is sentenced next year.

Changpeng Zhao Image:Changpeng Zhao

According to the lawsuit, Binance's NFT sales were driven "with the willing help and assistance of some of the wealthiest, powerful and recognised organisations and celebrities across the globe" - including Ronaldo.

It is alleged that online searches for Binance surged by 500% after the footballer's collection was announced, and his premium non-fungible tokens sold out in a week.

Court filings also claim Ronaldo should have disclosed how much he was paid for the high-profile partnership.

Ronaldo and Binance are yet to publicly comment on the lawsuit - and just two days ago, the former Manchester United player said he was "cooking something up" with the embattled trading platform.

Demand for NFTs has plunged in recent months following a dizzying bubble that saw images of cartoon rocks sell for millions of dollars - with everyone fromDonald Trumpto Snoop Dogg launching their own collections.

OpenSea is the world's biggest NFT marketplace. File pic Image:File pic

This is not the first time that celebrities have faced legal action over their ties to crypto firms, with the industry rocked by a slew of bankruptcies and scandals.

A-listers including the comedian Larry David, tennis star Naomi Osaka and NFL player Tom Brady are being sued for their role in promoting the doomed crypto exchange FTX, which went bust in November 2022.

Millions of people remain locked out of their savings, with acourt convicting FTX CEO Sam Bankman-Friedof using customer deposits to make risky bets without their knowledge last month.

The one-time billionaire faces up to 110 years behind bars when he is sentenced next March.

Arts

https://news.sky.com/story/amp/cristiano-ronaldo-faces-1bn-lawsuit-after-launching-nft-collection-13020043

Interesting NFTs
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AI Huascaq #3/5
Transdimensional art is a movement of blending online and offline stylesassisted blending and combining different styles of online and offline art. AI Huasca uses a DMT style AI blending over a kaleidoscopic remix of a painting that was "generated" via acrylic paint after an entheogenic trip.
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.