Binance Launches New Update to Fan Token Platform

Trade in cryptocurrencies Binance has released a new upgrade to its fan token platform. The purpose of this update is to assist sports teams in better engaging with their respective fan bases by providing token holders with a variety of benefits.

Participants have the opportunity to rack up points by taking part in fan token activities such as voting in polls and performing other chores. Fans will have access to richer awards if the participation level in the event is increased to a higher level.

Fan tokens are the future of fan interaction, according to Lisa He, who heads both NFT and fan tokens at Binance. She argued this point. The CEO said that the initiative has the potential to bring fans and their favorite clubs closer together by providing opportunities like as meals with their favorite players or tours of the stadium. He went on to say that "Fan tokens enable sports fans to feel more connected to their favorite sports teams by allowing them access to exclusive offers and a voice in the team's decision-making for the club." He explained this by saying that "Fan tokens allow sports fans to feel more connected to their favorite sports teams by allowing them access to exclusive offers

In addition, he said that his organization is of the opinion that fan tokens represent the "future of fan engagement," which is defined as "a situation in which clubs and their supporters may feel closer to each other and have a connection that goes both ways."

Binance asserts that the platform has been quite effective, and that it has enabled several teams, including as Santos FC, Porto, and SS Lazio, to interact with thousands of supporters who are using the platform.

Binance has made repeated efforts to establish a connection between the sporting world and the Web3 domain. On June 23, 2022, the cryptocurrency exchange entered into a partnership with the world-famous soccer star Cristiano Ronaldo in order to assist Ronaldo in connecting with his supporters via the use of nonfungible tokens (NFTs). Those who have NFTs will have access to rare chances to contact and engage with the internationally renowned soccer player.

Shortly after the debacle that was created by fake tickets at the UEFA Champions League on July 28, Binance also went into NFT ticketing. This happened right after the event. The cryptocurrency exchange formed a partnership with SS Lazio to utilize NFT tickets for home games played at the Stadio Olimpico by the football club.