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Binance Fan Tokens provide token holders with special benefits and privileges. Sports clubs, brands, and other celebrities can use Binance Fan Tokens to grow their fan community and reward fans.
Binance Fan Tokens are different from NFTs because they are fungible. This means that each specific token is equivalent to another token in the same way that one BTC is equal to another BTC.
Binance Fan Token holders receive limited edition NFTs, voting rights, rare fan pins, and unique merchandise and activities.
Users can purchase new Binance Fan Tokens through Binance Launchpad, or purchase tokens after completing their Launchpad subscription through spot, P2P trading, or using a credit/debit card.
Introduction
Binance Fan Tokens help integrate the fan experience into the world of cryptocurrencies. They are part of a growing trend of digitalization of interactions on the blockchain. Binance partners with renowned sports clubs and brands to bring fans closer to their idols.
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What are Binance Fan Tokens?
Binance Fan Tokens are utility tokens for a club, team, or brand that provide holders with special fan benefits. For example, a football club might have a Binance fan token that gives holders priority when purchasing tickets. Binance Fan Token holders can also get a say in club decisions, such as choosing a new kit, slogan, or jersey design.
Typically, a token is issued by a sports club, celebrity, or other organization with a large following. Some of these clubs with their own tokens distributed on cryptocurrency exchanges include Juventus, AS Roma and FC Barcelona. Unlike Bitcoin (BTC) and Ethereum (ETH), whose value is determined by the underlying project, the value of the Binance Fan Token is based on the unique benefits it provides to holders.
One such example is the fan token of the Lazio football club (LAZIO). LAZIO gives club fans the opportunity to influence decisions through the Binance Fan Token platform. LAZIO fan token holders can vote in various polls conducted by the football team for fans. In the future, users will also be able to use LAZIO to collect rewards in the form of non-fungible tokens (NFTs) and receive additional gamification features.
Are Binance Fan Tokens Non-Fungible Tokens (NFTs)?
Binance Fan Tokens are different from NFTs. NFTs are one-time, unique collectibles that cannot be duplicated. At the same time, the team can have their own Binance Fan Token and also issue NFTs, since the Binance Fan Token is a fungible utility token. This means that it is fungible with any other Binance Fan Token of the same type. It can be thought of as a $1 bill that can be exchanged for any other $1 bill. Depending on the Binance Fan Token, some owners may use it to collect themed NFTs.
What rewards and opportunities do Binance Fan Token holders get?
By owning Binance Fan Tokens, you can earn rewards and enjoy fan benefits. Exactly what benefits you receive will depend on the type of fan token and the bonuses offered by the club or brand. With most Binance Fan Tokens you will have access to:
1. Mystery Boxes and NFTs - You can use Binance Fan Tokens to purchase Mystery Boxes containing NFTs of varying rarities.
2. Voting Rights - If a club or team conducts fan voting, fan token holders will be able to participate through a governance mechanism. Votes can be about products the team offers, or about charity events and matches played.
3. Fan Badges – Any interaction a Binance Fan Token holder has with the team increases their chances of receiving a Fan Badge. If you collect enough badges, you can also win bonuses from the club or brand.
Where and How to Buy Binance Fan Tokens
To purchase Binance Fan Tokens, you need to create a Binance account and complete KYC verification. If you already have an account, simply log in.
If you would like to see a complete list of Binance Fan Tokens currently available and upcoming, please visit the Binance Fan Token Platform for details. There are different ways to purchase Binance Fan Tokens:
1. Participate in the Binance Fan Token Launchpad (where tokens are initially offered) to receive new Binance Fan Tokens.
2. Buy existing Binance Fan tokens on the spot market using cryptocurrency assets or cash. You can buy crypto assets or top up your balance using a credit or debit card.
3. Buying crypto assets from other users through P2P-hsyjr and using them to receive Binance fan tokens.
All of these options are available through the Binance app or website with various payment options. Once purchased, Binance Fan Tokens will be automatically transferred to your spot wallet.
Want to add Binance Fan Tokens to your portfolio?
Purchasing Fan Tokens via Binance Launchpad
Binance Launchpad acts as a token issuance platform on Binance, offering first access to new projects. When a new club or brand lists its token on the Binance Fan Token Platform, Binance users can purchase tokens through Launchpad.
After selecting the Binance Fan Token, you will need to lock in BNB as part of your Launchpad subscription. When the sale ends, you receive your tokens according to the total BNB share committed by all participants. However, there is a limit on the maximum number of tokens per person to ensure that the coins are distributed fairly. More information can be found in our beginner's guide here: Getting Started with Binance Fan Tokens.
Buying NFTs and Mystery Boxes with Binance Fan Tokens
With Binance Fan Tokens, users can also receive limited NFTs in Mystery Boxes. These boxes contain random NFTs, which you can only see when you open the box. They are inexpensive and allow Binance users to purchase collectibles at low prices. In collaboration with Binance Fan Token partners, you will be able to purchase and stake NFTs that are only available to Binance Fan Token holders.
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Summary
The idea of a fan club is by no means new. However, its combination with blockchain has created a new model of fan community in the crypto-economy. The more benefits a club like Lazio offers, the higher the likelihood of demand for Binance Fan Tokens. Tokenization has given users unique benefits that fans can interact with.
To start enjoying the VIP benefits of your favorite clubs, head over to the Binance Fan Token platform. The platform is updated periodically with new commands and features, so stay tuned for new events.
For more information, please refer to our Frequently Asked Questions section.
