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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By OthersideDeployer
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There are an almost infinite number of ways to wrap a string around a set of pegs. On the surface it may seem like a simple concept but prepare to be surprised and delighted at the variety of combinations the algorithm can produce. Each output from 'Ringers' is derived from a unique transaction hash and generated in Javascript in the browser. Feature variations include peg count, sizing, layout, wrap orientation, and a few colorful flourishes for good measure.
Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier Arrés’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, Arrés, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, Arrés uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, Arrés elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. Arrés presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, Arrés freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier Arrés: https://javierarres.com/about.html
MVP #63
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