Cristiano Ronaldo's NFT Lawsuit: Unpacking the $1 Billion Dispute

What would the final results of this situation be after the battle that has been between Cristiano Ronaldo and the high court of Florida ends? I saw a news story saying Cristiano Ronaldo faces a US$1 billion lawsuit for promoting Binance NFTs. A link to the news... I was actually disappointed to see this because I believe only the court will understand why they said this, and I do not think they should have penalized Cristiano Ronaldo for this because he has been with finance for some time.

Source

He and binance launched a NFT of him, worth about $US77 to $US10,000, around last year, which went viral so much. I saw this advert when it was launched also, and I believe it's a legal business before binance could partner with him and make money from his NFT. The issue I have is why the government and some other bodies go against anything cryptocurrency, and they end up finding a way to stop it.

I could sometimes remember that in Nigeria, the government enforced a bylaw to ensure that there was no investing in cryptocurrency and also no trading or marketing. I later heard that some other countries are also ensuring they do this. This affected most people who were into cryptocurrency during those periods because it was very hard for them to cope.

Source

After some time in which people have lamented the issue that this has caused to their earnings, they had to cancel this back, but still, citizens are still being arrested by police force if they stop and search and find out that you deal with cryptocurrency. You will have to make a payment before you are realized. This is a way for them to also earn their money and extort people, but what do we as citizens do when we see them? We shiver because we are doing cryptocurrency, which is termed "illegal.

For instance, for Cristiano Ronaldo, whom the high court of Florida is trying to penalize now, some people will see it as a medium to acquire money. For this to happen, I probably feel there is no mutual agreement with them, and that is why this matter went to this extent. If Binance accepted to give them some of what they make from the NFT, you would not hear anything anymore.

Source

From the news, it was stated that the suit alleged him for not disclosing the price binance gave him and the price he made First from the first Cristiano Ronaldo NFT sold out. Why should this be a problem, and why should he be penalized because of it? This is a business deal between two bodies, and I felt the suit should not be concerned with this. This is a business that does not need a third party.

Since the launch of this NFT, I am so sure it would have made binance earn more, and they would have acquired more wealth with this. Now alleging them feels so off to me, and I don't know what this will later result in, but I just hope Cristiano Ronaldo fights for what is right for him and that the company won't allow that because a lot of money has been put in place to create this NFT.

Posted Using InLeo Alpha