Crypto exchange Binance has launched a new update to its fan token platform that focuses on helping sports teams engage with their fans by offering various rewards to tokenholders.
In an announcement sent to Cointelegraph, the crypto exchange said that its fan club program will now let fans gather points they can exchange for rewards, including tickets to games, access to meet and greets, video clips from their favorite players and participation in exclusive dinners with the athletes.
Participants can collect points by participating in fan token activities like voting in polls or completing other tasks. Having a higher level of participation will allow fans to have access to better rewards.
Lisa He, head of NFT and fan tokens at Binance, argued that fan tokens are the future of fan engagement. The executive pointed out that the program can bring fans closer to their favorite teams through dinners with their favorite players or even a stadium tour. He explained that:
“Fan tokens allow sports fans to feel more connected to their favorite sports teams by allowing them to have access to exclusive offers and have a voice in team decisions for the club.“
In addition, He also said that their team believes that fan tokens are the “future of fan engagement, where clubs and their fans can feel closer to each other and have a two way relationship.“
According to Binance, the platform has been very successful, helping various clubs like Santos FC, Porto and SS Lazio engage with thousands of participating fans within the platform.
Related: Binance to support BUSD while exploring non-USD stablecoins, CZ says
Binance has been consistently trying to link sports with the Web3 space. On June 23, 2022, the crypto exchange partnered with renowned soccer player Cristiano Ronaldo to help him connect with his fans through nonfungible tokens (NFTs). Holders of the NFTs will have exclusive opportunities to connect and engage with the soccer superstar.
On July 28, Binance also jumped into NFT ticketing right after the fiasco caused by counterfeit tickets at the UEFA Champions League. The crypto exchange partnered with SS Lazio to use NFT tickets for the club’s home matches at the Stadio Olimpico.