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Binance Launches a Fan Token Platform

Binance has upgraded its fan token program to allow holders to redeem points for meet and greets and dinners with their favourite athletes.

Binance has announced a new update to help fans interact with their favorite teams on its platform. According to the company, the update to its fan platform will see fans earn rewards for holding the tokens of their respective teams. A detailed update by the company mentioned that fans could leverage the new program to earn points which can be swapped for several real-life rewards, like watching live games, meeting players, customised greeting clips from the players, and some other perks. In addition, Binance explained that fans could gather points through interactive activities, including voting and carrying out tasks.

The platform also clarified that users would be given rewards based on their level of participation in the activities as Binance sees fan tokens as an ideal tool to drive engagement between teams and their fans. Token holders can vote on how to interact with sports teams, including Italian football club SS Lazio, Portuguese footballers FC Porto, and BWT Alpine F1.

Fan tokens have been touted as the ideal measure for clubs and fans to connect digitally. For instance, Binance partneredwith footballer Cristiano Ronaldo to create and market an exclusive NFT collection for the footballer on the BNB Chain amid the footballer’s controversial exit from former club Manchester United late last year.

Binance joins a growing cohort of crypto firms intent on using Web3 technologies to increase brand awareness among sports fans. We recently wrote about Socios, an app and fan token platform built by Chiliz that lets users exchange cryptocurrency tied to various sports teams, engage with them, and monetise their fandom through rewards. We continue to observe.