The NFT is a digital asset that can be found on a blockchain, a log of transactions kept on networked computers. Because the blockchain serves as a public ledger, anybody can check the ownership of the NFT and confirm its authenticity.

Binance, the world's largest cryptocurrency exchange by trading volumes, said on Thursday that it has signed a partnership with Cristiano Ronaldo to promote non-tradable tokens (NFTs).

As part of the multi-year deal, the Portuguese football star and Binance will create a series of NFT collections for sale on the company's platform, the cryptocurrency exchange added, adding that the first collection will be launched later this year.

NFT is a digital asset located on a blockchain, a record of transactions held on networked computers, and the blockchain acts as a public ledger that allows anyone to verify the authenticity of the NFT and check who owns it.

Increasing investor sentiment towards risky assets has led to a decline in cryptocurrencies, including bitcoin, and has also spilled over into NFTs, which exploded in popularity last year.

To become well-known, cryptocurrencies rely on sports ties. While cryptocurrency firm FTX Trading Ltd sold its interest to National Football League quarterback Tom Brady last year, Crypto.com signed a $700 million agreement to rename the Los Angeles Staples Center to Crypto.com Arena.