Please accompany Unilaunch to learn “What are Binance Fan Tokens? Are Binance Fan Tokens NFTs? Where and how to buy Binance Fan Tokens” through the article below. Binance Fan Tokens give token holders special benefits and privileges with teams and brands. Sports clubs, teams, brands, and other influential people can use Binance Fan Tokens to grow their fan community and reward their supporters.
Binance Fan tokens are different from NFTs as they are fungible. This means that each specific token is equal to another of the same token in every way, just like one BTC is equal to another BTC.
Binance Fan Token holders enjoy access to limited-edition NFTs and exclusive votes on club decisions reserved for token holders, rare Fan Badges, and unique merchandise and experiences.
Users can purchase new Binance Fan Tokens through the Binance Launchpad first, or buy tokens once the Launchpad subscription is over via Spot, P2P, or with a credit/debit card.
Binance Fan Tokens help bring the fan experience into the crypto world. The tokens are part of a growing trend of digitizing interactions on the blockchain. Binance is partnering with big-name sports teams and brands to bring fans closer to the teams and clubs they support.
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What are Binance Fan Tokens?
Binance Fan tokens are utility tokens associated with a club, team, or brand that gives token holders special fan privileges. For example, a football club could have a Binance Fan Token that gives holders priority purchasing tickets. Binance Fan token holders could also get voting privileges on club decisions like choosing a new kit, slogan, or jersey design.
The token is usually associated with a sports club, celebrity, or other entity with a large following. Juventus, AS Roma, and FC Barcelona are just some of the clubs with their own tokens that now circulate on crypto exchanges. Unlike Bitcoin (BTC) and Ether (ETH), whose value is derived from the underlying project, a Binance Fan Token has value based on the unique benefits it brings to fans.
One example is the S.S. Lazio Fan Token (LAZIO). LAZIO provides S.S. Lazio football fans a chance to influence decisions reserved for token holders through the Binance Fan Token Platform. LAZIO Fan Token holders can vote on various “fan decision” polls published by the football team. In the future, users will also be able to utilize LAZIO to collect Non-Fungible Token (NFT) rewards and explore additional gamification features.
Are Binance Fan Tokens NFTs?
Binance Fan tokens are, in fact, different from Non Fungible Tokens. NFTs are one-off, unique collectibles that cannot be duplicated. While a team with their own Binance Fan Token may also mint NFTs, a Binance Fan Token is actually a fungible utility token. This means that it is interchangeable with any other Binance Fan Token of the same kind. Think of it like a $1 note that is exchangeable with any other $1 note without a difference. Depending on the Binance Fan Token, some holders can use their tokens to collect club-related NFTs.
What rewards and experiences do Binance Fan Token holders have?
Once you hold Binance Fan Tokens, you can begin to claim fan rewards and exercise your exclusive fan rights. The exact benefits you’ll receive will depend on the token you have and what the club or brand offers. Most Binance Fan Tokens will at least give access to:
1. Mystery Boxes and NFTs – You can use your Binance Fan Tokens to purchase NFT Mystery Boxes containing NFTs of different rarities.
2. Voting rights – If the club or team associated with a Binance Fan Token holds a fan vote, token holders will be able to participate through the governance mechanism. These votes could involve choosing the merchandise a team offers or charity events and matches they hold.
3. Fan badges – Any engagement a Binance Fan Token has with their team will improve their chances to win a Fan Badge. If you collect enough Fan Badges, you could also win exclusive experiences with the club or brand.
Where and how to buy Binance Fan Tokens
To buy Binance Fan Tokens, you’ll first need to create a Binance account and complete the KYC verification process. If you already have an account, simply log in.
If you want to see a list of currently featured and upcoming Binance Fan Tokens, head to the Binance Fan Token Platform for detailed information. There are different ways to purchase Binance Fan Tokens:
1. Join a Binance Fan Token Launchpad (where tokens are initially offered) to get the newest Binance Fan Tokens available.
2. Buy pre-existing Binance Fan Tokens on the Spot Market using your crypto assets or cash. You can buy crypto assets or add a cash balance using a credit or debit card.
3. Purchase crypto assets from other users via the peer-to-peer market and use those to get Binance Fan Tokens.
All of these options are accessible via the Binance app or website with a variety of payment options. Once you’ve completed your purchase, the Binance Fan Tokens will be automatically transferred to your Spot Wallet.
Buying Binance Fan Tokens from Binance Launchpad
Binance Launchpad acts as Binance’s token launch platform, offering first access to new, upcoming projects. When a new team or brand lists their token on the Binance Fan Token Platform, Binance users can participate in the sale through Launchpad to acquire those tokens.
After finding a Binance Fan Token you want to purchase, you’ll need to commit BNB as part of the Launchpad Subscription Format. When the sale is over, you’ll receive your allocation of tokens based on your proportion of the total BNB committed by all participants. There is, however, a maximum cap of tokens per person to ensure fairness. For more specific instructions, please refer to our beginner guide here: Get Started With Binance Fan Token.
Buying NFTs and Mystery Boxes with Binance Fan Tokens
With Binance Fan Tokens, users will also be able to get limited-edition NFTs contained in Mystery Boxes. A Mystery Box has a special NFT inside that is only revealed when a user opens the box. They’re affordable and give a chance for Binance users to own highly collectible items at a low price. In partnership with Binance Fan Token partners, you’ll be able to buy and bid on NFTs that are only accessible to Binance Fan Token holders.
The fan club model is by no means a new idea. However, combining it with blockchain has created a new model for fandom within the crypto economy. The more benefits a club like S.S. Lazio offers, the more likely it is that demand for the Binance Fan Token will be high. Once again, tokenization has created unique benefits that fans can engage with and enjoy.
To start experiencing VIP benefits for your favorite clubs, head to the Binance Fan Token Platform. The platform updates periodically with new teams and features, so check back regularly to participate in Launchpads and activities in time.
For more information, please refer to our FAQ.