Binance is partnering with big-name sports teams and brands to bring fans closer to the groups and clubs users love through the Binance Fan Token
Are Binance Fan-tokens NFTs?
Binance Fan Tokens are utility tokens associated with a club, team, or brand that give token holders special fan perks.
For example, a football club can use Fan Token to allow holders to buy tickets preemptively.
These tokens are part of a growing trend to digitize interactions on the blockchain.
Binance Fan tokens are different from non-fungible tokens, and NFT is a collection of tokens that are unique, and cannot be duplicated. While Binance Fan Token holders can mint their own NFTs, the Fan Token is classed as a fungible utility token. In other words, an ordinary $10 bill can replace any different $10 statement.
How to get special rewards and experience for owning a Binance Fan token?
When you hold the Binance Fan Token, you can claim fan rewards and exercise exclusive perks.
Mystery Box and the NFT
You can use your Fan Token to purchase an NFT Mystery Box containing various rare NFTs.
Right to vote
If a club or team affiliated with Binance Fan Token holds a fan vote, token holders will be involved in decisions through the governance mechanism. These votes can relate to choosing souvenirs you want the team to deliver or hosting charity events and matches.
Any interaction with your favorite sports team using the Binance Fan Token will also improve your chances of winning the Fan Badge. If you collect enough Fan Badges, you can win an exclusive experience with the club or brand.
Where and how to buy Binance Fan-token
First, you need to register an account on Binance and KYC your account. Next, there are three ways to buy fan tokens on binance
Method 1: participate in buying on binance launchpad
Method 2: Buy pre-existing Binance Fan Tokens on the Spot Market with crypto or cash. You can also buy crypto assets or add cash balances from a credit or debit card.
Method 3: Buy crypto assets from other users through the P2P marketplace and use those assets to get Binance Fan Tokens.
The fan club model is not a new idea at all. However, combining it with blockchain has created a new paradigm for fandom in the crypto economy. Tokenization has created unique benefits that fans can interact with and enjoy.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews