TL; DR Breakdown
- Binance has become the official fan token partner for the Portuguese football club FC Porto.
- The deal saw BNB surge above $614.
Crypto exchange Binance and one of Europe’s elite football clubs, FC Porto, have partnered. The multi-year alliance could be the drive behind BNB to surge above $614.
The deal will see Binance feature at the back of the FC Porto jersey in the 2021/22 season. Moreover, they will remain sleeve sponsors in subsequent seasons.
The partnership will see the FC Porto Fan Token (%PORTO) given through Binance Launchpad. Therefore, it will propel the club’s brand one step closer to success. $PORTO is an innovative rewards program that offers unique experiences for fans. Also, it provides interactive gamification abilities based on data analytics. Additionally, the fan token enhances social media engagement opportunities between all stakeholders.
The $PORTO token is an organic design for FC Porto fans to interact with their beloved club. As of today, it’s available on the Binance Launchpad and will also feature through Spot in-app purchases later this year. Besides, you can make bank card purchases after registration.
The public sale for fan tokens is to begin on November 16
$PORTO will be available at Binance smart chain at $1 when ordered on the Launchpad. It’s time to start investing in your future! The public sale on Binance Launchpad starts November 16. You’ll be able to buy $PORTO with the help of your $BNB balance. Yet, the amount you buy will depend entirely upon how many BNB you have during the last 10-days before the launch.
As it happens, the news about this sponsorship deal came out just before 10:00 UTC, and by that time, $BNB was already trading at a higher price. It reached an intraday high of $614 from $590.50.
At the time of this writing, Binance’s $BNB token was trading at around 604 dollars. The value represents an 8% gain over 24 hours, leading to a return on investment worth approximately 1500%.
The $PORTO fan token comes only a month after Binance launched a similar project with Italian football powerhouse Lazio. The shirt sponsor deal covering two years with an option to extend was worth $30 million.
NFTs have been popular ventures for blockchain fans looking to diversify their portfolios. Contrary, fan tokens are typically cryptocurrencies that can take on any form. They also provide utility functions such as fan engagement in votes or rewards programs.
Binance has much higher trading levels for fan tokens than NFTs. The truth is that Binance has been attracting more new traders because of the unique way it handles fan tokens.
Until recently, the fan token aspect has been a preserve of Socios. They’ve brokered deals with many football clubs, including Paris Saint-Germain and F.C. Barcelona. There are other players in this sector, like Turkey’s Bitci. However, Binance’s entry into this market is more than just competition. They’re providing a new and innovative way for fans to show their support.
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