An online crypto exchange platform has launched a new update to Binance Fan Club as a redemption system.
The Binance Fan Token platform focuses on helping fans engage with their sports teams by offering various rewards to token holders. Contestants can collect points to redeem rewards like a dinner with their favourite player or a stadium tour.
On February 20 2023, Binance announced that its fan club program would let fans gather points they can exchange for rewards. Including game tickets, access to meet and greets, video clips from their favourite players and participation in exclusive dinners with the athletes.
Fans can collect by completing simple tasks or performing fan token activities like voting in polls or learning about fan tokens. The more points you collect, the higher your participation level and the more access to better rewards.
According to the Head of NFT and Fan Tokens at Binance, Lisa He believes that fan tokens are the future of fan engagement. The program can lead fans closer to their favourite teams through dinners with their favourite players or a stadium tour.
He noted, “Fan tokens allow sports fans to feel more connected to their favourite sports teams by allowing them access to exclusive offers and a voice in team resolutions for the club.”
The Head of NFT and Fan Tokens at Binance added, “The 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.”
Table of Contents
How does the Binance Fan Club work?
Fans are given the opportunity not just to watch their team from the sidelines or the couch, and this platform allows them to engage, interact and get closer to the action. Fans get rewarded based on how much they engage with the team of their choice; here is how it works.
First things first, fans need to collect star points, which can be done by completing a task and there are four levels in ascending order:
- Academy is level 1
- Starter is level 2
- Captain is level 3
- Superstar is level 4
Every month a new selection of stellar rewards will be released for users to unlock in exchange for your Fan Tokens. Collecting those star points means a higher level for users and better rewards.
As the community grows and hits a key milestone, a portion of a token prize pool will be released to all users who have inverted at least a friend. The more you invite friends, the higher levels you hit and you are able to receive an even larger share of the prize pool based on a multiplier system.
- Invite 1-2 friends = 1x multiplier
- Invite 3-4 friends = 3x multiplier
- Invite 5+ friends = 5x multiplier
The following formula can be used to calculate the individual multiplier: invitation multiplier * user level multiplier = individual multiplier.
For instance, a fan invites three friends, and they are at the Academy level, which will equate to an individual multiplier: 3*1=3
Users will get $1 worth of Fan Tokens if they invite one friend; if they invite three friends, they will get $4 worth of Fan Tokens and $14 worth of Fan Tokens if they invite five friends to join the platform. According to the announcement, the first community rewards pool will be worth $20,000 in Fan Tokens.
Other successful endeavours in sports
Binance has been very successful, helping various clubs such as SS Lazio, Porto and Santos FC to engage with thousands of competing fans within the platform. The exchange has been consistently trying to link sports with the Web3 space.
On June 23 2022, the Binance crypto exchange partnered with renowned soccer player Cristiano Ronaldo to assist him in connecting with his fans through non-fungible tokens (NFTs). Holders of the NFTs had an exclusive opportunity to engage and connect with the soccer superstar.
In July 2022, Binance jumped into NFT ticketing after the UEFA League fiasco. In an interview with experts at Bitcoineer (click here to listen) they mentioned that the exchange platform collaborated with football club Società Sportiva Lazioto to launch NFT tickets for all the sports club’s home matches at Stadio Olimpico for the 2022 and 2023 seasons.
According to Binance, the NFT tickets will solve the issue of fake tickets and eliminate scalping, preventing disorder in sporting events. Apart from access to events, the NFT tickets will also serve other purposes, such as store and match discounts, token giveaways and different experiences.
Binance fan token is the ultimate destination for sports fans in Web3. The platform consists of a world-class line-up of teams across various sports, from top-flight football to Formula 1 – along with an assortment of exciting activities, unique rewards, promotions and much more.