What is Binance Fan Token?
Binance Fan Token is a utility token issued by Binance on BNB Chain. These tokens are associated with sports clubs, or celebrities, helping fans easily connect with their favorite clubs. Binance Fan Tokens give owners the power to buy tickets and the right to vote on a variety of matters concerning their favorite clubs. In the future, fans will be able to collect NFTs and discover other additional features.
With fan tokens, fans can both express their love of sports and dive deeper into the world of crypto. There are now 4 clubs having their own fan tokens: BWT Alpine F1 Team, SS Lazio, FC Porto and Santos FC. The tokens being traded on the Binance exchange are ALPINE, SANTOS, PORTO, LAZIO.
Although Binance Fan Tokens can be used to mint NFTs, they are not NFTs. Binance Fan Tokens, instead, are a type of fungible utility token that means every fan token is the same and interchangeable.
Benefits of owning Binance Fan Tokens
Binance Fan Token allows fans to interact with their favorite club in a meaningful way. Binance Fan Token holders can receive rewards or enjoy perks. Different types of fan tokens will provide different benefits but in most cases, owners will have the following benefits:
Rights to vote
Binance Fan Token holders have the right to participate in voting on club decisions such as uniforms, slogans, player of the month, charity events, and more.
Mystery boxes and NFTs
Users can purchase rare NFTs and Mystery Boxes containing rare collectibles from their favorite teams and brands, and then exchange or sell these items on the Binance NFT marketplace.
During NFT PowerStation events, holders can also use Binance Fan Tokens or charge their supported NFTs to power up your fandom and claim extra Binance Fan Tokens rewards for supporting your team of choice.
Fanshop
Users can exchange Binance Fan Tokens for actual rewards, benefits, and collectibles from their favorite teams through the Fanshop. These rewards can be NFT tickets to parties or tickets to matches. Currently, there are 2 clubs that allow redemption of rewards: BWT Alpine F1 Team and SS Lazio.
The Fan Badge feature that allows fans to display badges to get the attention of their followed club is coming soon.
How to buy Binance Fan Token
To buy Binance Fan Token, users first need to have a Binance account and then follow these steps:
Step 1: After creating a Binance account, complete identity verification, then visit the Binance Fan Token platform and log into your Binance account. Select the “View details” of the favorite clubs.
Step 2: Click “Buy” to buy your favorite Binance Fan Tokens. Users can pay by bank card, credit/debit card or P2P.
Step 3: Click “Buy now” and proceed to the “Buy Crypto” page. Buy Binance Fan Tokens with your preferred fiat currencies. Select a fiat currency and enter the amount you wish to spend. The system will automatically calculate the amount of tokens you can receive.
After completing the transaction, Binance Fan Tokens will be automatically transferred to the user’s fiat & spot wallet.
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