By Larry Wright
If you have interacted well enough with multiple financial enterprises out there, such as banks and other brands, then you already know that these companies try to lure new customers in and get them to become loyal customers to spend more by providing them access to certain points and other advertising material. They might develop these only-use-once tokens that members of that particular financial enterprise or bank would be able to use at multiple enterprises or for shopping, and they could get amazing discounts.
The Binance fan tokens are something that is etched on the same process, but their significance is better allocated within the crypto world. The token holders could get multiple benefits and a prominent say in the important decisions with multiple teams and brands out there. It is already sponsoring multiple sports clubs and teams, so having access to its special merchandise or fan community programs is going to be a plus if you are a Binance fan token holder. You must not confuse Binance fan tokens with different non-fungible tokens out there because the fan tokens are fungible.
It means that one Binance fan token is equivalent to the other one in every possible way; having the same kind of value and appreciation, such as a single Bitcoin, is perfectly equivalent to another Bitcoin token. The holders of Binance fan tokens could enjoy some limited edition non-fungible tokens that are only available to certain privileged users out there and enjoy exclusive voting for orchestrating certain decisions of a dedicated club that are only reserved for the token holders.
Not only this, but the token holders could also get access to special merchandise that is only made available to certain users. You can use the Binance launchpad first to buy Binance fan tokens, or you can buy them with your credit or debit card.
A Brief Introduction to Binance Fan Tokens
To be able to understand the prospect of Binance fan tokens and how these work, you must take into account the very significance of these. The Binance fan tokens are the utility tokens that are representative of a certain sport’s team or club, which gives a token holder special privileges when it comes to shopping and or availing certain possibilities with the enterprise in question.
Suppose there is a sports club out there that has incorporated the Binance fan token aligned to a loyal customer for easier access to purchasing new tickets as soon as these are made available and calling dibs on new merchandise for collectors. Here the holders of Binance fan token might also get the right to vote for the sake of deciding multiple aspects and or decisions of the club that are extremely important. The most significant thing is that people having Binance fan tokens would be able to delegate some of these decisions made regarding the future of the club, such as the design of the jerseys that players will wear, the next slogan for the championship title, and other associated aspects.
By now, you might have formed a perfectly calibrated opinion of the Binance fan token as it is primarily associated with high-profile entities, sports clubs, celebrities, or other financial enterprises which enjoy a prominent and large following. Other football clubs out there have their own specifically designed tokens in circulation and therefore don’t primarily rely on or incorporate Binance fan tokens into the mix.
You must not confuse these tokens with that of cryptocurrencies and crypto tokens such as Bitcoin and Ether because their value is basically derived from their blockchain and the daily trading volume and such but the Binance fan token, on the other hand, has its value pegged to the incredible benefits that it is able to bring to the fans. LAZIO is a token that is hosted on the Binance fan token platform and is originally intended for the S.S.-Lazio-football-group, it provides the fans access to all sorts of merchandise and tickets for new matches that are about to happen in the upcoming weeks, but the most elegant benefit that the token owners are able to extract out of this whole deal is to take part in important decision making which they can make via Binance fan token platform.
All of these personnel having access to the token can vote specifically on the polls that are published on the original football site for the Lazio team, and this way, they have a direct say in multiple aspects of the team, which makes this whole endeavor worth it. In future, according to the latest news, the token owners would also be able to collect multiple non-fungible token rewards and other gamification features through this ongoing partnership.
Difference Between Binance Fan Tokens and NFTs
If you have been diving a little too deep into the non-fungible token world, then you might assume that the Binance fan token platform is nothing but a non-fungible token in itself. To be able to clear this thing in a much more intimate way, it is important to know that both these aspects are completely different from each other. Non-fungible tokens have their own particular significance and market value and cannot be replicated.
Their value is orchestrated by the overall interest that people are taking within the token and just how unique the whole thing is. Whereas the Binance fan tokens may be duplicated in every potential way, and every token is going to be extremely identical to the previous one, and so on so. It also means that anyone’s token is completely interchangeable with the other Binance fan tokens.
Take this whole thing in a much more intimate way where you think of a Binance fan token as a Bitcoin token. A Bitcoin token is completely interchangeable with any other Bitcoin token because there isn’t any difference between the two; similarly, a Binance fan token is completely interchangeable with another one because these are practically the same. Some of the users having access to the Binance fan token could also use the token to access multiple club-related non-fungible tokens. But the Binance fan token is not in any potential way a non-fungible token, and that is something you need to square with yourself moving on with this concept.
Can You Make Money With Binance Fan Tokens?
Now you must be wondering just how many Binance fan tokens you have to have before you can get your hands on prestigious rewards dedicated to the fans and the privileges that come with them. The answer is you don’t have to have multiple Binance fan tokens; just having a single one would suffice. But the number of benefits and the degree of these benefits would depend upon the very token that you are holding in your hand and on the affiliation with the intended brand or club that is offering those tokens. There are certain activities you could get access to with multiple Binance fan tokens, and some of these are as follows.
You have the liberty to use your fan tokens for the sake of purchasing non-fungible token mystery boxes that contain multiple non-fungible tokens of varying value and Backgrounds. At the end of the day, it is a game of luck; if you are lucky enough, then you could get your hands on some of the rarest non-fungible tokens that are pretty high in demand, and they don’t come by as often, or you could be running into pretty common non-fungible tokens that are present in abundance, and therefore you would have to try your luck again. The next thing that you could get access to with your Binance fan token is voting rights. It would depend upon the sport’s club or the team to which your Binance fan token is associated and whether or not they hold fan polls for certain principle decisions that they have to make regarding governance and issuance of new elements within the team.
You might be tasked with voting against multiple polls to help the team choose multiple merchandise items or conducting charity events with also taking care of some of the financial elements for the team and marketing multiple events that are yet to come. You could also win a specific digital fan badge, but at the end of the day, it depends upon the type of club that your Binance fan token is associated with and whether or not they print and ship out these fan badges.
How to Buy Fan Tokens?
Buying the Binance fan tokens is not a complicated feat at all; all you want to do here is to create your Binance account, which is free, but in order to do that, we would have to complete the Know your customer verification process implemented by the exchange to ensure that only valid consumers can get access to their services. But in case you have signed up already with Binance, then all you have to do is log in to that account and begin with the process at hand.
When you have signed in, head to the Binance fan token platform, where you would be able to have a proper list of presently featured and more Binance fan tokens, and by clicking each of them, you would be able to view further information about this. If you already know what specific token you are interested in buying, then, by all means, head over to the launchpad set aside for the Binance fan token platform, where you would be able to get latest Binance tokens to consider that are available at the moment. You can buy these tokens using your own crypto assets, which can be made available via your credit card, but even debit cards can be used for this thing.
But it is more elementary to have some crypto assets with you because this way, you might just be able to get a decent discount and be able to buy a lot more tokens than the cash could ever get you. You can also engage in peer-to-peer interaction with other users for the sake of purchasing crypto assets and then using those crypto assets to further purchase Binance tokens. But this might become a little too complicated for beginner-level users, and that is why the best approach that you can use here is to use your own crypto assets to directly buy the Binance fan tokens and get rid of all these complex steps.
All these and more could be approached directly via the official Binance site, which offers different payment options so that you always have diversity when it comes to paying up for this sort of asset class. Once you are done with your purchase, the amount to which the Binance fan tokens were purchased would automatically end up in your wallet. You have to connect the wallet with your Binance account for the sake of the transaction going through as smoothly as possible.
Role of Binance Launchpad
The Binance launchpad is going to act as a Binance fan token launch platform, and this way, you would be able to get access to all the neutral cards that are made available to the users that are already in business with the exchange. Not only this, but you would also get the latest information about the upcoming projects and their validity in reality as well.
Whenever a new sport’s team goes on to list their tokens on the Binance token platform, you would be notified or guarding the sale and would be able to access it using the Binance launchpad platform. You can buy these tokens right then and there, and these will be transferred to your spot account, or you can show the wish to acquire these and then could make the deal when the prices are conveniently lower. After you have found a Binance fan token that you wish to purchase, you would have to commit the BNB token that you have for some time to acquire the new fan token in question.
When sale is finally over, you would be able to receive your tokens primarily based on the proportion of total tokens that you committed along with those other users. There is a maximum stake of these tokens per person, which is put into the equation to enhance transparency and ensure fairness of the trade. If you want further information regarding all this, you can just visit the Binance fan token platform and get all the information that you require to get on with this missing journey.
Mystery Boxes and Binance Fan Tokens
Using the Binance fan tokens that you have acquired earlier, you can get access to limited edition non-fungible tokens, which are contained within the mystery boxes. A mystery box might have a special non-fungible token inside that, and it is only made apparent once the user has acquired the box and tries to open it. Now for the sake of argument, let’s suppose that there is a rare non-fungible token inside which you didn’t pay for directly in cash but used your Binance fan token to acquire; at the end of the day, you would have won the lottery.
But supposedly, if there isn’t a rare non-fungible token within the mystery box, then once again, you wouldn’t have spent too much money to acquire the mystery box in the first place. These Binance fan tokens allow people to have access to some of the most out of this world, non-fungible tokens without having to commit to the extremely high price tags some of these non-fungible tokens are going to have.
You must not think that this fan token infrastructure is by any chance a new element because it isn’t; other financial enterprises over the years have used the same schemes and marketing strategies to lure as many users as they could, committing to this new program and becoming a loyal customer in the long run. What Binance is doing at the moment is nothing different than that.
Therefore if you don’t think that these tokens could provide you with a dedicated store of value or you don’t want to invest some of your money into this thing, then, by all means, stay away and repurpose your money investments such as other elements. This is a rather new approach, and don’t want to be checking it out until unless some other investors and people out there have already done so. It will give you a proper footing to either go for this thing or say goodbye to it for good.
The only possible explanation for all this is that by using Binance fan tokens, crypto users get access to some of the highest privileged elements of the crypto world, and it helps in developing a proper fandom within the crypto world where even those who don’t have the resources to acquire non-fungible tokens and other privileges they can’t simply do that using their Binance fan token. This is just the beginning; most probably, in the near future, they are going to be many other new tokens listed on the Binance fan token project, which users would get instant access to, making their journey with the crypto industry easier and much more significant than it already is.