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.
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.