Binance Launches New Update to Fan Token Platform

Trade in cryptocurrencies Binance has released a new upgrade to its fan token platform. The purpose of this update is to assist sports teams in better engaging with their respective fan bases by providing token holders with a variety of benefits.

Participants have the opportunity to rack up points by taking part in fan token activities such as voting in polls and performing other chores. Fans will have access to richer awards if the participation level in the event is increased to a higher level.

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

Binance asserts that the platform has been quite effective, and that it has enabled several teams, including as Santos FC, Porto, and SS Lazio, to interact with thousands of supporters who are using the platform.

Binance has made repeated efforts to establish a connection between the sporting world and the Web3 domain. On June 23, 2022, the cryptocurrency exchange entered into a partnership with the world-famous soccer star Cristiano Ronaldo in order to assist Ronaldo in connecting with his supporters via the use of nonfungible tokens (NFTs). Those who have NFTs will have access to rare chances to contact and engage with the internationally renowned soccer player.

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


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Chiliz Launches Layer-1 Blockchain to Support Growth

Chiliz, a platform for fan tokens, has now announced the launching of its very own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain environment. This move was made to allow the network to continue expanding five years after its first appearance.

The Chiliz fan token ecosystem has been propelled by ERC-20 tokens that are based on Ethereum since since the project’s launch. However, after the genesis block of the Chiliz 2.0 blockchain has been successfully validated, the community will shift to its very own layer 1.

It is anticipated that the new blockchain, which uses a network of 11 active validators and a proof-of-stake authority consensus, will result in shorter block times, cheaper fees, and reduced energy consumption. These benefits will be realized as a result of the use of a proof-of-stake authority consensus.

According to the documentation that was published by the project, Chiliz Chain 2.0 is a hard fork of BNB Chain. BNB Chain is a well-known option for Ethereum forks. This shows that the new layer-1 is compatible with EVM, a feature that is intended to persuade developers of decentralized apps to create their applications inside the ecosystem rather than outside of it.

Chiliz has become well-known in the fields of both sports and entertainment thanks in large part to the success of the fan token app known as Socios. The platform works with some of the most successful teams and businesses in the industry of sports to provide its users with the best possible experience. Some of the most prestigious football clubs in the world, like Barcelona, Paris Saint-Germain, Manchester City, Arsenal, and Juventus, are among the teams who use the platform to handle the tokens of its supporters.

Non-fungible tokens (NFTs), fan tokens, and tickets that are compatible with Web3 may be minted on the platform, making it useful for corporations, teams, and people. In addition, users have the ability to build decentralized apps (DApps) by combining Web3-based experiences and products.


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LÜM to launch ‘Access Pass’ NFTs for 25 globally known musicians

U.S.-based music platform LÜM is set to announce 25 partnerships with globally known musicians as part of a re-launch involving NBA Top Shot’s Dapper Labs later this quarter.

LÜM was founded in 2018 and built up a user base of more than 200,000 users with a platform that provided services such as social media, music streaming and micro-tipping for its partnered musicians and fans.

The firm has raised around $4.4 million worth of funding since 2018 according to data from Crunchbase, and partnered with popular R&B singer-songwriter Ne-Yo back in 2020.

However, LÜM is now moving on fro that business model and is relaunching on Dapper Labs’ Flow blockchain in March with the focus shifting to musician-related NFTs.

LÜM will initially roll out an NFT marketplace and fan engagement platform alongside NFTs dubbed “Access Passes.”

Users of the platform will be able to buy NFTs tied to their favorite musicians and trade them amongst a community of fans, while long term hodlers will be granted rewards such as priority access to artists’ future NFT drops, exclusive content and live entertainment experiences.

Musicians will be able to build their communities and launch their own Access Passes which can be used to crowdfund projects such as new album releases. It does not require artists to sign away any rights or intellectual property to middlemen according to LÜM.

Aim to onboard 100 artists in 2022

Speaking with Cointelegraph, LÜM CEO and founder Max Fergus was tight-lipped on who the 25 artists will be for the launch but indicated the wider goal is to onboard 100 top musicians in 2022 to “catalyze the mass adoption of blockchain-enabled technology by artists, and fans”, while the long term aim is to partner with more than 10,000 musicians.

Fergus stated that LÜM chose to partner with Dapper Labs and launch on Flow due to the successful and user-friendly model of other NFTs projects on the blockchain such as NBA Top Shot:

“For us, we really wanted to model ourselves off NBA Top Shot. A community that was building collective value by bringing players underneath an individual umbrella.”

NBA Top Shot is the top NFT project on Flow, and has generated more than $848.3 million worth of secondary sales since launch in late 2020 according to data from CryptoSlam.

Fergus stated that LÜM’s shift to the blockchain was part of a push to get behind “revolutionary” Web3 tech and he believes the sector’s impact on the music industry will be as revolutionary as going from vinyl records to online streaming.

“I would put it on a very similar level to that. It’s an entirely new way of not just experiencing artists and music but a new way of opening up the total addressable market.”

Related: Dapper Labs becomes the first NFT company to register to lobby with the US government

Fergus stated that a major issue he sees in the music industry right now is “ individual creators trying to monetize their individual fan base,” as he emphasized the importance of introducing a blockchain-based platform that links different communities together.

“By unifying artists underneath an umbrella, we cannot only cross-pollinate fanbases but easily introduce the blockchain community into artists that maybe they’ve never even known before,” he said.