Holders of Binance Fan Tokens receive exclusive rewards and privileges from teams and companies. Binance Fan Tokens may be used by sports organisations, teams, businesses, and other powerful people to expand their fan bases and thank their fans.
NFTs are not fungible, however Binance Fan tokens are. This implies that each unique token is identical to every other identical token, just like one bitcoin is identical to another bitcoin.
Holders of Binance Fan Tokens get access to uncommon Fan Badges, limited-edition NFTs, exclusive votes on club decisions exclusively for token holders, and special goods and experiences.
Users may initially acquire fresh Binance Fan Tokens using the Binance Launchpad, or when the Launchpad subscription has expired, they can buy tokens via Spot or P2P.
Introduction
Binance Fan Tokens contribute to bringing the fan experience to the cryptocurrency space. The digitization of transactions on the blockchain is a developing trend that the tokens are a part of. To help fans feel more connected to the teams and clubs they love, Binance is collaborating with well-known sports teams and businesses.
What are Binance Fan Tokens?
Binance Fan tokens are utility tokens linked to a certain club, team, or brand that provide holders exclusive fan benefits. A football team, for instance, may issue a Binance Fan Token that grants holders first dibs on tickets. Holders of Binance Fan tokens may also be granted voting rights when a team is adopting a new uniform, tagline, or jersey style.
The token is typically connected to a sports team, a famous person, or another group that has a huge following. Just a few of the teams who have their own tokens that are being traded on cryptocurrency platforms are FC Barcelona, AS Roma, and Juventus. A Binance Fan Token's value is based on the distinctive advantages it offers fans, as opposed to Bitcoin and Ether, whose value is derived from the underlying project.
For instance, consider the S.S. Lazio Fan Token (LAZIO). Via the Binance Fan Token Platform, LAZIO gives S.S. Lazio football supporters an opportunity to affect choices that are only available to token holders. Holders of LAZIO Fan Tokens are eligible to vote in the football team's numerous "fan decision" polls. In the future, users will be able to use LAZIO to explore new gamification features and acquire Non-Fungible Token (NFT) prizes.
Binance Fan Tokens: Are they NFTs?
In actuality, Binance Fan tokens are distinct from Non Fungible Tokens. NFTs are original, one-of-a-kind treasures that are impossible to replicate. The Binance Fan Token is a fungible utility token, yet a team that has its own can also issue NFTs. This indicates that it can be used in place of any other similar Binance Fan Token. Imagine it as a $1 bill that may be exchanged for any other $1 bill with no distinction. Certain Binance Fan Token holders may be able to gather club-specific NFTs with their tokens, depending on the token.
What rewards and experiences do Binance Fan Token holders have?
You may start claiming fan prizes and using your special fan rights as soon as you have Binance Fan Tokens in your possession. Your specific rewards will vary depending on the token you have and what the club or company has to offer. The majority of Binance Fan Tokens at least provide access to:
1. Mystery Boxes and NFTs - You may buy NFT Mystery Boxes containing NFTs of various rarities with your Binance Fan Tokens.
2. Voting rights - Token holders will be able to take part in fan votes through the governance mechanism if the club or team connected to a Binance Fan Token possesses one. These votes might be used to decide what goods a team sells or what charitable activities and games they host.
3. Fan badges - A Binance Fan Token's chances of winning a Fan Badge increase with every interaction they have with their team. You may also be eligible to win special experiences with the team or brand if you accumulate enough Fan Badges.