Binance, has entered the sports fan token space with a jersey sponsorship for Italy’s SS Lazio football club in a deal worth up to €30 million ($35m) to the club. The sponsorship is for two years with the option of a third.
Lazio Fan Token (LAZIO) is a fan token by Binance — the world’s biggest and most popular cryptocurrency exchange. So far, fan tokens have only been created by Socios, the company behind fan tokens for several other football clubs, such as PSG, and fan tokens for the UFC and car racing. Binance is leveraging the popularity of fan tokens, which give their holders ownership of the club’s governance and allow them to affect decisions, access exclusive promotions, unlock VIP rewards and gain special recognition by the club. The president of Lazio expressed his satisfaction with the following statement:
“We are very satisfied with this new international collaboration. Our partnership with Binance will allow us to extend our digital presence and connect with our fans and followers from all over the world like never before.”
One can expect the success of the fan token to track the performance of the players on the pitch, with wins boosting demand and, therefore, the price.
Who Are the Founders of Lazio Fan Token?
SS Lazio is one of Italy’s most prestigious and long-standing clubs, with a rich history and recent Champions League participation. Lazio has two Seria A titles, seven Coppa Italia titles, three Supercoppa Italiana titles and one UEFA Cup Winners’ Cup and UEFA Super Cup title each. Binance is the world’s biggest cryptocurrency exchange, launched by Changpeng Zhao, the current CEO. Its Binance Coin (BNB) token is one of the most valuable tokens on the market. Binance struck a partnership deal with Socios, the company behind other fan tokens, in December 2020, which saw its launchpad act as a distribution platform for new fan tokens. That way, fan tokens are exposed to even more potential investors, raising the potential upside for fans that acquire them.
What Makes Lazio Fan Token Unique?
Lazio Fan Token follows the model of fan tokens by other football clubs. It represents ownership of a voting right and gives fans access to earn unique club-specific rewards and experiences. One example would be when fans influence specific decisions, such as determining the message on their captain’s armband. Fans also get the chance to win exclusive access to the club. For instance, they can visit the player area in the stadium or receive rights to watch a match in the VIP zone and get discounts on club merchandise.
Furthermore, by launching on the Binance Smart Chain, fans benefit from broader accessibility, more functionalities, and lower transaction costs. Binance is also planning voting sessions on Lazio affairs, loyalty subscriptions, fan shop integrations and a NFT collection for token holders.
How Many Lazio Fan Token (LAZIO) Coins Are There in Circulation?
The total supply of LAZIO will be 40 million. 10% of that will be allocated to the public sale on Binance at a price of $1 for 1 LAZIO. The hard cap on the public sale will be $4 million, with a hard cap of 20,000 LAZIO per user.
How Is the Lazio Fan Token Network Secured?
LAZIO will be a BEP-20 token on the Binance Smart Chain (BSC).
BSC is secured through the proof-of-stake consensus mechanism. 21 validators are elected every 24 hours to validate transactions and maintain blockchain security. These validators have to stake a certain amount of BNB coins with Binance to be eligible to do so.
When Will Lazio Fan Token Trading Begin?
LAZIO will be launched on October 21 on Binance Launchpad. Prior to that, Binance users can become eligible for LAZIO tokens by keeping BNB in their accounts. The balance of BNB determines the amount of LAZIO allocated to each user, with each user being allowed a maximum of 20,000 LAZIO. The price of LAZIO will be $1 at the public sale.