Bonhams, the international auction house, announced today that it will auction off Cristiano Ronaldo’s non-fungible token (NFT) trading card for a whopping $1 million.
The release of the one-of-a-kind NFT trading card by video game platform Sorare is scheduled to begin on November 1st and end on November 11th. The NFT trading card can be purchased through the Ethereum network, according to the auction house.
Nima Sagharchi, Bonhams’ head of digital art, commented on the development:
“Selling the Ronaldo card is a first for us, but as we expand our activities in the field of NFTs and digital art, it is an area we hope to develop in the future.”
Sagharchi noted that Cristiano Ronaldo’s trading card, a five-time Ballon d’Or winner and one of the greatest soccer players of all time, is unique and appealing due to his celebrity.
“The Ronaldo card on offer is one-of-a-kind, and as one of the greatest players of the modern era, it is arguably the most desirable card in the game,” he said.
NFTs are tokenized assets that are used to represent digital ownership of something one-of-a-kind. When an object is fungible, it can be replaced or exchanged for another object, whereas non-fungible objects cannot be replaced or exchanged for another object due to their uniqueness and rarity.
The NFT industry has recently exploded, with millions of dollars pouring into the market. According to DappRadar, NFT sales surpassed $1.2 billion in the third quarter of 2021, with trading volumes of some of the top NFT collections exceeding that figure.
Meanwhile, Visa, the payments processor, joined the NFT craze in August by purchasing the CryptoPunk #7610 collection of pixelated artwork for $150,000 in Ethereum.
Cuy Sheffield, Visa’s head of crypto, stated that the move provided the company with “firsthand knowledge,” which will allow it to support its customers as they enter the NFT space.