Published 26th Jan 2024
Lionel Messi and Cristiano Ronaldo dominated European pitches for more than a decade, elevating the continent's football landscape to unparalleled heights. Their rivalry transcended club's rivalries, introduced a new culture of excellence that elevated the overall quality of play, increased the global viewership and further solidified European football's status as a powerhouse in the international sporting arena.
Now, having ventured beyond European pitches, Lionel Messi and Cristiano Ronaldo have taken their talents to the USA and Saudi Arabia, whose fans now have the incredible opportunity to witness firsthand the unparalleled skill and goal-scoring prowess that defined an era of European football excellence.
Having conquered traditional football arenas, Ronaldo and Messi seamlessly transitioned into the crypto community, where their influence and dominance extend beyond the confines of the pitch, showcasing their prowess in yet another field, starting a new crypto rivalry. In this article, we'll explore the influence of Messi and Ronaldo on the crypto pitch.
The Rising Influence of Crypto in Football
The increasing impact of cryptocurrencies in football threatens to go beyond mere financial evolution. The ongoing convergence of football and crypto could represent a transformative shift in how, not only this game, but other sports are perceived, administered and upheld.
Consequently, we could be facing a future where crypto becomes a fundamental aspect of the worldwide football milieu.
For more than a decade, crypto enthusiasts have enjoyed seamless participation in the digital financial landscape, driven by the robust trading potential facilitated by trustless and secure crypto exchanges such as CEX.IO, Binance, Kraken, and others.
The rise of non-fungible tokens (NFTs) brought both crypto and football enthusiasts the chance to participate together in the evolving intersection of football and cryptocurrency. NFTs, unique digital items have opened new avenues for collectors and fans to profit from these unique digital items.
Football organizations have profited from crypto sponsorships, offering fans a unique opportunity to own and trade football-related digital collectibles in the form of NFT Panini albums. Meanwhile, players have embraced this innovative trend, gaining a new platform to connect with their fan base and explore novel avenues for personal branding and engagement.
Messi's Crypto Journey
Lionel Messi's transfer to PSG marked a significant financial success for the eight-time Ballon d'or winner, with an annual salary of $41 million plus bonuses and a reported $30 million signing-on fee.
Interestingly, PSG had launched its $PSG fan token in 2020, and Messi, demonstrating a forward-thinking approach, agreed to receive a portion of his free transfer fee in this token.
As of August 11, the $PSG fan token, partially influenced by Messi's stature in the sports world, boasted a value of over $50. However, the current value of this token has experienced a notable decline, hovering around $3, signaling an almost 94% decrease from its August 11 price.
Messi's departure from PSG leaves the audience to ponder any potential correlation between his association and the token's fluctuation.
Adding to Messi's crypto ventures, in March 2022, he inked a promotional deal with Socios worth $20 million for a three-year partnership. Subsequently, Messi expanded his crypto portfolio by signing a new deal with Bitget.
Lionel Messi has become some sort of a walking crypto billboard, notably showcased when he signed for Inter Miami wearing a jersey prominently featuring the XBTO logo. It's worth noting that the XBTO sponsorship deal, ranging between $4 million to $5 million, was secured months before Messi reached an agreement with the Miami team.
The first game Messi played for the team wearing the jersey with the XBTO logo drew an impressive audience of 12.5 million people, leaving room for speculation on the efficacy of the deal XBTO signed with Inter Miami.
Ronaldo's Crypto Ventures
Cristiano Ronaldo's entrance into the crypto world initially showcased tremendous promise when Sorare capitalized on his name by minting and selling a unique NFT from the 2020/21 season when he played for Juventus. This particular NFT, featuring Ronaldo, reached an astounding $290,000, earning the title of the most expensive football card ever.
In 2022, the five-time Ballon d'Or winner announced a significant deal with Binance, which triggered a remarkable surge in interest, evident in a staggering 500% increase in searches for the cryptocurrency exchange. This surge came as no surprise, given Ronaldo's colossal social media presence, boasting 894 million followers.
Leveraging his popularity Ronaldo launched a collection of NFTs priced at $77 each. The various rarity levels came with exclusive perks, including:
- Personal messages from Ronaldo
- Autographed merchandise
- Guaranteed access to future NFT drops
- Complimentary mystery boxes
- Entry into giveaways with signed merchandise and prizes
Despite the initial excitement, Ronaldo's first NFT launch faced challenges, especially due to the delicate timing around the infamous FTX crash in November 2022. Consequently, Ronaldo decided to relaunch his NFT collection in July 2023.
Unfortunately, his second attempt coincided with a soaring NFT market, resulting in investors experiencing a staggering 98.7% loss as the NFT prices plummeted from $77 to around $1.
In the aftermath, disgruntled investors took legal action against both Binance and Ronaldo, seeking a total of $1 billion in damages. The lawsuit alleges that they were misled by the platform and Ronaldo, accusing them of not adhering to regulations related to selling digital items, making misleading statements, and failing to adequately communicate the risks associated with investing in Ronaldo's NFTs.
The legal battle now unfolds, shedding light on the complexities and challenges surrounding celebrity-backed NFT ventures in the ever-evolving crypto landscape.
Conclusion
Cristiano Ronaldo and Lionel Messi have significantly impacted the crypto world, albeit with different approaches. Messi acted as a crypto billboard, endorsing various cryptocurrency companies, while Ronaldo directly engaged by launching his NFT collection and collaborating with Binance. However, Ronaldo's NFT venture faced challenges, resulting in a $1 billion lawsuit.
Despite setbacks, both players contributed to crypto's wider adoption, increasing online searches and bolstering legitimacy. Their involvement demonstrates the unique challenges and opportunities when sports icons navigate the dynamic realm of cryptocurrencies.