Cristiano Ronaldo, the very personification of competitive superiority and international commercial synergy, is back on the NFT train. He’s joining forces with Binance to promote his new venture, “Forever To The Moon.” On Field Experiences Seven very fortunate souls have the opportunity to meet CR7 himself with the “7 Minutes with CR7” experience. 7777 NFTs available, a provocatively small supply meant to trigger extensive FOMO. But hold on just a second — not so fast with the runaway hype train! Is this actually a moonshot, or another celebrity cash grab wrapped up in Web3 frockery?

The NFT space hasn’t been doing the most exciting things lately. The market’s definitely cooled a lot since the height of 2021. So, while the promise of meeting Ronaldo is undeniably alluring, the question remains: will this NFT collection retain any real value beyond the initial frenzy?

Data doesn't lie. Plugging in the numbers A brief glance at the performance of Ronaldo’s other NFT projects paints a different picture. Despite the high initial drops being accompanied by large trading volume, the majority of them have already experienced a large overall decrease in their floor price. Are you really serious about holding these NFTs for more than a year? Or have they just been treating them as flips for short-term gains? The data suggests the latter.

Previous CR7 NFT collections had a great start but the numbers are alarming:

This isn’t to imply that the “Forever To The Moon” collection will meet a similar fate. The chance to enjoy the “7 Minutes with CR7” experience is a seriously motivating lure. On top of that, Binance adds to the winnings with 770 tickets to Blockchain Week, 77 signed jerseys and 17 autographed footballs. These perks only create value for a very small minority of users, and the long-term value proposition for the average holder is still unclear at best.

Here's where things get a little uncomfortable. We're talking about digital collectibles, which means we're talking about the environmental impact of minting and trading NFTs. No matter how sincere Binance’s sustainability commitments are, the energy consumption that comes with blockchain technology is hard to deny.

  • Initial Hype: High trading volumes, significant media coverage.
  • Current Status: Floor prices significantly below initial minting cost for many NFTs.
  • Holder Distribution: Concentrated ownership, suggesting a lack of widespread adoption.

Could it be responsible to continue promoting NFTs, even the ones backed by your favorite celebrity, without committing to redressing the environmental issues wholeheartedly?

Think about it: Ronaldo is a global icon, a role model for millions. So shouldn’t his great business ventures help lead us to a better and more sustainable future, and not deeper into a system where we keep causing environmental degradation? This is not only an issue of reducing carbon footprints, but rather an ethical responsibility.

Consider the world's growing climate anxiety. Though this NFT drop may have seemed like a fun idea to some, it risks being viewed as tone-deaf to the greater environmental catastrophe at play.

With a user base of 270 million, Binance has one of the largest audiences any project could even dream of. Just who is this NFT collection aimed at bringing in? Does this really touch the average user on Binance? Or is it just meant to be a tool for high-net-worth individuals who can afford to gamble on digital collectibles?

With an average price point of at least $5,000, that’s sure to be a hurdle for many. Rewards & Incentives Binance cronies it up with massive rewards for investors, developers and users. The “7 Minutes with CR7” experience will unlikely ever be within reach for the majority. All of this points to a more fundamental question of inclusivity and democratization within the Web3 space. If we don’t ask this, are we really democratizing, or are we just perpetuating a different kind of digital elitism?

Let’s face it, either option sounds tedious. Though Web3 frequently speaks about democratization and decentralization, these celebrity-backed projects mostly serve to perpetuate the current power dynamics. The wealthy just get wealthier! On the other side, the typical fan is left with an impermanent digital collectible that can depreciate in value as time goes on.

So, where does all of this leave us the remaining two months of 2015? Will Forever To The Moon be the best of all time? Or will it flame out, like most other NFT initiatives have?

My prediction? This initial drop will create a ton of hype right away, powered by the combination of Ronaldo’s star power and Binance’s marketing machine. As with all technology, the long-term success depends on its promise to provide real value outside the buzz. If the collection doesn’t create a compelling community around itself, it’s destined to disappear into the void. It further has to deliver genuine utility and address environmental issues to be long-lasting.

The future of celebrity-backed NFTs is uncertain. One thing is clear: the days of blindly buying into hype are over. Investors are getting sharper, expecting much more than a celebrity’s been-washed-up-but-they’re-still-here face slapped on a digital coin. They want that value put to use in real ways—real utility, real benefit—and real connection between the value created and the underlying project.

For Ronaldo and Binance, the challenge is clear: prove that "Forever To The Moon" is more than just a catchy slogan. Prove to us that it’s a sustainable, inclusive, and truly impactful addition to the Web3 ecosystem. Otherwise, it could turn out to be a very costly journey to find the nearest toilet.

The Crystal Ball: What's Next?

So, where does all of this leave us? Is "Forever To The Moon" destined for greatness, or will it crash and burn like so many other NFT projects?

My prediction? This drop will generate significant buzz initially, fueled by Ronaldo's star power and Binance's marketing machine. However, the long-term success hinges on its ability to deliver genuine value beyond the hype. If the collection fails to foster a strong community, offer tangible utility, and address the environmental concerns, it will likely fade into obscurity.

The future of celebrity-backed NFTs is uncertain. But one thing is clear: the days of blindly buying into hype are over. Investors are becoming more discerning, demanding more than just a famous face attached to a digital token. They want real value, real utility, and a real connection to the underlying project.

For Ronaldo and Binance, the challenge is clear: prove that "Forever To The Moon" is more than just a catchy slogan. Show us that it's a sustainable, inclusive, and genuinely valuable addition to the Web3 ecosystem. Otherwise, it might just end up being a very expensive trip to nowhere.