Before the start of Brazil’s professional football season, Binance, the biggest cryptocurrency exchange in the world, will introduce a non-fungible token (NFT) in collaboration with the Brazilian Football Federation. The free NFT is intended to increase fan involvement and provide special benefits to people that obtain it.
According to a joint statement by Binance and Brazil’s football federation, the NFT will grant fans “access to technology that will enhance the match experience and grant unique perks.” As existing users can redeem their NFTs by inviting friends to establish an account on the exchange, the campaign is also intended to draw new customers to Binance.
In comparison to the United States, which is now mired in policy and regulatory issues that may limit the growth of such businesses, Brazil has been perceived as a more welcoming environment for companies involved in the cryptocurrency industry. In fact, a law establishing a regulatory framework for the usage and trade of bitcoin was signed by the president of Brazil last year.
This collaboration between Binance and the Brazilian football association is a standout instance of the growing overlap between the cryptocurrency and sports industries. It’s likely that we’ll see more partnerships like this in the future as more companies and organizations examine the potential of NFTs and other crypto-related goods.
“We believe crypto and blockchain are the future of money and the internet, bringing indisputable benefits to people, especially in developing countries,” Binance’s country manager Guilherme Nazar said in a statement. “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.”-Guilherme Nazar
How the NFT will work
NFT Season Pass holders will be able to join a Fanverse, an exclusive gamified platform to be launched in May, which brings together actions and benefits in partnership with Brasileirão Assaí.
NFT perks include access to the Fanverse, lower Binance trading fees and discounts on CBF Academy Management and Business courses, available when the Faverse is launched. Holders will be allowed to take part in match predictions, voting polls and other gamified experiences. The best performers will be able to redeem unique prizes, collectibles, tickets, hospitality experiences and more.