Binance Crypto exchange has teamed up with the Brazilian Football Federation to launch a new non-fungible token (NFT).
The project is aimed at boosting fan engagement and attracting new consumers. The free NFT will provide fans with “access to technology that will enhance the match experience and grant unique perks”, according to a statement released by Binance and the Brazilian federation.
The initiative is also intended to attract new clients to Binance, as existing customers can redeem their NFTs by referring friends to open an account on the exchange.
The launch of the NFT comes at a time when Brazil has become a more welcoming market for cryptocurrency exchanges like Binance and Coinbase. Last year, Brazil’s president signed legislation establishing a regulatory framework for the trading and use of Bitcoin.
“We believe crypto and blockchain are the future of money and the internet, bringing indisputable benefits to people, especially in developing countries,” said Guilherme Nazar, Binance’s country manager in Brazil. “We are sure that this historical launch will allow more Brazilians to feel closer to their clubs and learn about crypto, so that they can take advantage of what this technology has to offer.”
Fans who acquire the free NFT will be able to join a “Fanverse” and participate in “gamified” experiences and win prizes and tickets, according to the statement. They will also be able to take advantage of lower trading fees when using Binance.
Brazil’s national football team has been historically successful, winning the FIFA World Cup five times, while the local professional league boasts one of the largest and most-engaged fan bases in the world.
The NFT initiative could help Binance secure new customers through a referral system and promise of lower fees. The exchange has been expanding its offerings to attract more users and compete with rivals like Coinbase.
Last year, Binance launched Binance Smart Chain, a blockchain network that offers lower fees than Ethereum. It has also been expanding its NFT offerings, with plans to launch a marketplace for NFTs later this year.
NFTs have become increasingly popular in the world of sports, with teams and athletes launching their own NFTs to engage with fans and offer unique experiences. Earlier this year, the NBA’s Top Shot NFT platform surpassed $1 billion in sales, while football clubs like Manchester City and Paris Saint-Germain have also launched their own NFTs.
Binance and Brazil launch NFT
In Summary the partnership between Binance and the Brazilian Football Federation could be the beginning of a trend of cryptocurrency exchanges partnering with sports teams and organizations to attract new users and increase engagement. As the popularity of cryptocurrencies and blockchain technology continues to grow, we may see more initiatives like this emerge in the future.