London, UK — The current situation of the digital market is not exemplary. Many factors collectively took the market towards a downtrend, including the COVID-19 economic recession and, later, the Russian invasion of Ukraine. Investors are hesitating to invest in the market. And with recent tax increases due to high inflation, many traders are selling off their assets. Such behavior of investors and traders has added to the value drop of the digital market.
However, with the market in a bear phase, recent news has amazed and shocked many, especially crypto investors. In the news, Christiano Ronaldo, a renowned football player, announced that he had made an NFT deal with Binance, a crypto exchange. Investors are showing curiosity as they have been hesitant about their investments.
With NFTs’ popularity increasing within the crypto space, and NFT deal involving celebrities is not a surprise anymore. Many celebrities have entered the crypto market by introducing their own NFT collections, including Snoop Dogg, Eminem, and Paris Hilton.
How Will This Deal Affect the Digital Market?
This news is not expected to take the market towards a bull track with consumers flooding in. However, this does not mean it will not have any effect on the crypto market. The news might not bring new users, but it surely will depict that the market is going towards a rising trend, and it is safe to invest now. According to Peter Janssen, an analyst from Algorand-Capital, the market is already on the track to rise, and this deal can add a push to this trend.
Christiano Ronaldo is a billionaire football and has a massive fan base. He is the most followed person on the social media platform Instagram, with more than 200 million followers. In a recent interview, the player moved the ‘Coke’ bottle from the table, and that single action caused a sensation. In a reaction to it, the stocks of ‘coke company’ fell.
For a deal involving such an influential person, it is meant to attract attention to the crypto market. And his NFT collection will likely be sold out right after its release. Following this deal, the audience of Binance is predicted to increase with the crypto market progressing to new heights.
Why a Deal with Binance?
Binance is the largest exchange platform in the digital market and is ranked #5 on CoinMarketCap, currently. This platform has great growth potential, and it will get an opportunity to enhance its potential and climb to a higher rank.
This deal with Binance is not a surprise for those who are aware of the digital market trends and its platforms. Binance is one of the leading platforms and has over 10 million users; with Ronaldo’s NFT collection, the platform will be introduced to a new audience, including users not familiar with crypto investing and the digital space. Binance Exchange is a well-known cryptocurrency exchange providing daily trading volume. Binance provides crypto-to-crypto trading in over 500 digital currencies and online tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB).
Binance’s success can be attributed to its multi-functionality as a virtual currency, blockchain exchange, as well as a launchpad. Binance has attracted users who are concerned with various aspects of the cryptocurrency market. BoostX is a related platform that is growing quickly in the digital space. It competes with the Binance Launchpad as one of the widest and most varied launchpads on the market.
Binance is currently ranked #5 with BNB as its ticker symbol. The live market capitalization of BNB is $36,199,565,045. Today’s (29 June-2022) live price is $221.59 with a 24-hour trading volume of $1,106,324,668. There are 163,276,974.63 BNB coins in circulation, which makes up 99% of its total supply of 163,276,975 BNB coins. Its maximum supply is 165,116,760.
Binance has a decentralized ecosystem that powers blockchains. The platform has expanded to be the top cryptocurrency exchange in a lot of countries, and their side organizations are also gaining momentum.
How are NFTs Taking Over the Game?
Non-Fungible Tokens, have been warmly welcomed by investors since 2021. The last year experienced a huge demand for NFTs. Several changes in the art market increased NFT adoption, especially when auction houses entered online platforms to offer NFT art.
Christie’s and Sotheby’s were the elite auction houses that promoted NFT art and boosted the demand for NFTs in the digital market. Also, when Facebook rebranded as Meta and moved into the metaverse at the end of the year, the surge in NFT demand, particularly within the metaverse, was noteworthy.
NFTs have tremendous potential to generate huge profits, and it is one of the reasons why known celebrities of the world are adopting them. NFTs are taking over different sectors of the digital market. Investors interested in investing in NFT projects can locate these projects on launchpads such as BoostX.
This agreement will benefit major football fans because Ronaldo intends to provide a unique experience for fans all over the world. The first collection, according to Binance, will be released later this year and will include iconic designs. Furthermore, Ronaldo has emphasized the significance of his relationship with his fans and hopes that this collection will bring pleasure and satisfaction to his fans.
With this deal’s success, many celebrities expected to follow Ronaldo’s lead and launch their own NFT collections in the coming years.
What is the Future of NFTs?
NFTs are here to stay as they play a significant role in the art world’s future. Amidst the bear market, it appears that NFTs will continue to thrive. As they become more common in the crypto world, NFTs have the potential to become the future of finance.
As we move forward to the age of innovation, improvisation, and the big explosion, there are numerous options and limitless potential for the future of NFTs now that they are in the mainstream space.
With more celebrities entering the NFT market, the sector is becoming more accessible to a broader audience, expanding the crypto consumer.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.