Cryptocurrency exchange Binance has launched a new update to its Fan Token platform. It focuses on enabling sports teams to interact with their fans by offering various rewards to token holders.
In an announcement sent to Cointelegraph, the cryptocurrency exchange said the fan club program will allow fans to collect points to earn tickets to games, access meet and greets, and watch video clips from their favorite players. It said it would be redeemable for various rewards, such as receiving participation in exclusive dinners with athletes.
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Participants can collect points by participating in various Fan Token activities, such as voting on polls and completing other simple tasks. Higher levels of participation give fans access to better rewards.
Lisa He, Head of NFTs and Fan Tokens at Binance, argued that Fan Tokens are the future of fan engagement. Executives noted that the program will bring fans closer to their favorite teams through things like dinners with their favorite players and stadium tours. He explained:
“Fan Tokens give sports fans access to exclusive offers and a voice in club team decisions, making them feel more connected to their favorite sports teams.”
Furthermore, he also said that their team believes Fan Tokens are “the future of fan engagement where clubs and their fans can feel closer and have a two-way relationship”.
According to Binance, the platform has been very successful, helping various clubs such as Santos FC, Porto and Lazio to interact with thousands of participating fans within the platform.
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Binance has consistently tried to link sports with the Web3 space. On June 23rd, the cryptocurrency exchange partnered with famous footballer Cristiano Ronaldo to help connect with fans through non-fungible tokens. NFT owners will have a unique opportunity to connect and interact with soccer superstars.
On July 28, shortly after the UEFA Champions League debacle with counterfeit tickets, Binance also embarked on NFT ticket sales. The crypto exchange partnered with Società Sportiva Lazio to use his NFT ticket for the club’s home match at the Stadio Olimpico.