HomeNEWSBinance Fan Token — All You Need To Know

Binance Fan Token — All You Need To Know


Follow us


On Thursday, Binance announced its utility token called the ‘Binance Fan Token’ (BFT). The announcement follows amid growing interest in fan tokens, that has now caught the attention of major sports brands as well as a new breed of crypto users.

With clubs like Italian side SS Lazio, Portugal’s FC Porto, and Brazil’s Santos FC already exploring the fan token space, these sport brands have now found a new way to connect with their supporters on an even more personal level.

And now, Binance is ready to bring fan experience together with the crypto world with its BFTs.

What is a Binance Fan Token?

A BFT is a kind of utility token that is linked with a brand or club. They are collected, used, and exchanged by a neo-digital community of token holders on the Binance platform.

Meanwhile, owning a BFT comes with many benefits. They include fan privileges, exclusive rewards, special access to exclusive voting polls and many others.

Interestingly, a Binance Fan Token is different from a nonfungible token (NFT) because of its interchangeability. That is, each specific token is equal to another of the same BFT in every way.

Fans’ Delight

While featured teams can use BFTs and a range of existing utilities to grow their fan base, the fans probably have the most to gain.

From having access to limited-edition NFTs, to voting polls on club decisions. There’s more though. Fans can also participate in special campaign activities including unique merchandise and VIP experiences.

Additionally, fans can partake in the decision-making of the associated club including choosing a new kit, team song, design elements and the rest.

How To Get a BFT

According to Binance’s announcement, a Binance Fan Token can be acquired in 2-3 easy steps.

Firstly, an intending holder must create a Binance account and complete the KYC verification. Then they must navigate to the BFT platform and take a look at the featured teams and upcoming tokens.

Once listed, the token of choice can then be bought on Binance spot, peer-to-peer, or even with debit/credit card.

However, Binance confirms that many more exciting utility features are expected to be added to the platform soon.

Read more:

Breaking: Binance partners with Dubai crypto regulator to aid adoption in the region

More Than $350 Million Spent By Fans of Biggest Soccer Clubs on Fan Token

Singapore Rich Class Catch The NFT Buzz

mayowa adebajo
mayowa adebajo
Mayowa Adebajo is a fintech enthusiast with a decade long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

Most Popular