Cryptocurrency trading Binance has released a new update to its fan token platform. The purpose of this update is to help sports teams better engage with their respective fan bases by providing token holders with a variety of benefits.

Participants have the opportunity to accumulate points by participating in fan token activities, such as voting in polls and performing other tasks. Fans will have access to more valuable prizes if the level of participation in the event increases to a higher level.

Fan tokens are the future of fan interaction, according to Lisa He, who leads NFT and fan tokens at Binance. She argued this point. The CEO said the initiative has the potential to bring fans and their favorite clubs closer together by providing opportunities like meals with their favorite players or stadium tours. She went on to say that “Fan Tokens allow sports fans to feel more connected to their favorite sports teams by giving them access to exclusive offers and a voice in team decision-making for the club.” She explained this by saying that “Fan Tokens allow sports fans to feel more connected to their favorite sports teams by giving them access to exclusive offers.”

In addition, he said that his organization is of the opinion that fan tokens represent the “future of fan engagement”, which is defined as “a situation in which clubs and their supporters can feel closer and have a connection that goes as far ways.”

Binance claims that the platform has been quite effective, allowing several teams including Santos FC, Porto and SS Lazio to interact with thousands of fans using the platform.

Binance has made repeated efforts to establish a connection between the sports world and the Web3 domain. On June 23, 2022, the cryptocurrency exchange partnered with world-famous soccer star Cristiano Ronaldo to help Ronaldo connect with his fans through the use of non-fungible tokens (NFTs). Those who have NFTs will have access to rare opportunities to contact and interact with the internationally renowned footballer.

Shortly after the debacle created by the fake tickets in the UEFA Champions League on July 28, Binance also switched to issuing NFT tickets. This happened right after the event. The cryptocurrency exchange formed a partnership with SS Lazio to use NFT tickets for home games played at Stadio Olimpico by the football club.