Cristiano Ronaldo, the famous Portuguese footballer, is currently embroiled in a high-stakes legal battle. A class-action lawsuit, filed on Monday, is seeking over $1 billion in damages. The lawsuit accuses Ronaldo and the cryptocurrency exchange Binance of making serious 'deceptive statements' in promoting Ronaldo's NFT collection, 'CR7,' which was launched in November 2022.

NFTs, or non-fungible tokens, are digital assets representing ownership of unique items such as images or videos. The NFT market, which saw a significant boom in 2021, is now facing a potential downturn. Data from NFT Scan and CoinMarketCap indicates that approximately 95% of NFTs are now considered worthless, a trend that could have far-reaching implications for the cryptocurrency market.

The "CR7" collection consists of various images of Ronaldo. When it was launched ahead of last year's FIFA World Cup, the collection promised to "change the NFT game and take football to the next level," according to Ronaldo. However, the lawsuit alleges that both Ronaldo and Binance targeted "consumers unfamiliar with crypto," with the cheapest CR7 NFTs dropping from their initial price of $77 to a mere $1, as reported by BBC News.

This lawsuit is part of a growing movement of legal actions targeting celebrities promoting cryptocurrency ventures. In December 2022, a similar class-action suit accused stars like Justin Bieber, Serena Williams, and Paris Hilton of misleadingly promoting the Bored Ape Yacht Club NFT collection. Celebrities such as Tom Brady and Larry David also face separate legal action for endorsing the now-defunct crypto exchange FTX, highlighting the urgency and seriousness of these legal battles.

The lawsuit against Ronaldo comes on the heels of Binance CEO Changpeng Zhao, also known as 'CZ,' stepping down as part of a settlement with the US Department of Justice. The exchange was slapped with a massive $4.3 billion fine for a range of violations, including anti-money laundering and sanctions rules breaches, such as failing to block transactions with alleged terrorist organizations.

As of now, neither Binance nor Ronaldo's representatives have responded to requests for comment. The outcome of this lawsuit could have consequential implications for both Ronaldo and Binance, as well as the broader NFT market. This NFT story will be updated as further developments emerge.