Cryptocurrency exchange Binance has updated its Fan Token platform, which is focused on helping sports teams engage with their fans by offering various rewards to token holders.
In an announcement sent to Cointelegraph, the cryptocurrency exchange said its fan club program will now allow fans to collect points that they can redeem for rewards including game tickets, meet and greets, video clips of their favorite players and access to exclusive dinners with athletes. Participants can collect points by participating in fan token activities such as voting or completing other tasks. Having a higher engagement rate will allow fans to receive better rewards.
Lisa He, head of NFTs and fan tokens at Binance, believes that fan tokens are the future of fan engagement. The executive noted that the program can bring fans closer to their favorite teams by having dinner with their favorite players and even visiting the stadium.
Additionally, he said that their team sees fan tokens as "the future of fan engagement, where clubs and fans can feel closer and build a two-way relationship."
According to Binance, the platform has been very successful, helping clubs such as Santos FC, Porto, and SS Lazio engage with thousands of engaged fans within the platform. Binance has been trying to connect sports to the Web3 space. On June 23, 2022, the cryptocurrency exchange partnered with famous soccer player Cristiano Ronaldo to help him connect with fans through non-fungible tokens (NFTs). Holders of the NFT will have exclusive opportunities to connect and interact with the football superstar.
Binance also jumped into the NFT ticketing space immediately after the UEFA Champions League fiasco caused by counterfeit tickets on July 28. The cryptocurrency exchange partnered with SS Lazio to use NFT tickets to attend the club's home games at the Stadio Olimpico.
