International auction house Bonhams today announced it will auction off Cristiano Ronaldo’s non-fungible token (NFT) trading card for a whopping sum of $1 million.
The unique NFT trading card minted by video game platform Sorare is set to begin on November 1st and end on November 11th. The auction house noted that the NFT trading card can be purchased through the Ethereum network.
Speaking on the development, Bonhams’ head of digital art, Nima Sagharchi, said:
“The sale of the Ronaldo card is a first for us but as we expand our activities in the field of NFT’s and digital art it is an area we hope to develop in the future.”
Sagharchi noted that the trading card of Cristiano Ronaldo, a five-time Ballon d’Or winner and one of the greatest soccer players in history, is a special and most attractive one because of his status.
“The Ronaldo card on offer is unique and, as one the greatest players of the modern era, arguably the most desirable card in the game,” he said.
NFTs are tokenized assets used to represent digital ownership of something unique. An object is said to be fungible when it can be replaced or exchanged with another object while non-fungible is when the object cannot be replaced or exchanged with another object because of their uniqueness and rarity.
The NFT industry has exploded in recent times with millions of dollars flowing into the market. According to DappRadar, NFT sales topped $1.2 billion in the third quarter of 2021 and trading volumes of some of the top NFT collections more than tripped.
Meanwhile, in August, the Payments processor Visa joined the NFT craze by acquiring the pixelated artwork dubbed CryptoPunk #7610 collection for $150,000 in Ethereum.
Cuy Sheffield, Visa’s head of crypto, noted that the move enabled the company to gain “firsthand knowledge,” which in turn will allow it to support its customers as they enter the NFT space.