Binance brings new update to its own fan token platform

In early 2021, Binance, the largest crypto exchange in the world, launched its own fan token platform. At the time, the Italian football club SS Lazio was the first to partner with the crypto exchange and develop its own crypto. It is now possible to buy fan tokens from three other teams. Brazilian football club Santos FC and Portuguese football powerhouse FC Porto have also launched their own fan token on the Binance fan token platform after SS Lazio. BWT Alpine F1 Team also launched its own cryptocurrency on Binance.

Yesterday announced Binance is announcing a new update to this platform that allows fans to earn rewards based on their involvement with a team of their choice.

Binance brings fans closer to their club

Participants of Binance’s fan token platform can ‘Star Points’ earn by completing simple tasks such as verifying your identity or voting on various club matters. The more of these points you manage to collect, the higher level you can reach. A higher level will eventually give access to better rewards. The rewards range from tickets to matches, access to meet & greets, receiving video clips of favorite players to participation in exclusive dinners with the athletes themselves.

Every month a new selection of rewards will be released that you can unlock in exchange for your fan tokens.

Lisa He, head of non-fungible token (NFT) and fan tokens at Binance argued that fan tokens are the future of fan engagement. She pointed out that the program could bring fans closer to their favorite teams.

Binance is trying to link sports and web3

Binance has consistently tried to pair sports with Web3. In June 2022, for example, you could read in the NFT news that the crypto exchange had entered into a partnership with the legendary football player Cristiano Ronaldo. A few months later, the Portuguese superstar’s first NFT collection was launched on Binance’s NFT platform.

In July 2022, Binance also started testing tickets in the form of NFTs. Earlier, the Champions League final in Paris showed what is wrong with the current ticket system. These NFT tickets will be tested this season at SS lazio.

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