Binance announced on Wednesday that perpetual contracts have been launched for the fan token index. The “FOOTBALL” token will consist of 10 fan tokens, including SANTOS and PORTO.
Binance launches fan token contracts before FIFA 2022
The leading exchange announced on Wednesday the start of the Football Fan Token Index perpetual contracts. This index tracks the performance of the fan tokens listed in the USDT pair on Binance. According to the exchange, users will be able to trade with the new product with up to 25x leverage. According to data from Binance.com, FOOTBALL/USDT price has advanced above $1,500 after the opening price of $1,000. It is currently trading around 1,100 accompanied by strong waves.
Binance Football Fan Token Index contracts are now tradeable 24 hours a day, with up to 25x leverage.
Fan token market is in demand
The launch of the Fan Token Index perpetual contracts came at a good time as most football seasons resume. The upcoming FIFA world cup 2022 will be held in Qatar from 20 November to 18 December 2022. Fan tokens are cryptocurrencies that allow their holders to vote on mostly minor decisions regarding their club. Many top clubs such as Manchester City, Porto, PSG, Lazio, Barcelona, Santos, AC Milan and Atletico Madrid have issued their fan tokens. Domestic leagues and international tournaments, football clubs have been competing in the digital world for the last few months.
Fan tokens offered by football clubs have grown in popularity among football fans. Binance and Socios remain the leading platforms for launching fan tokens. Also, many teams now have their own cryptocurrency. Tokens are increasingly seen by clubs as a new source of income that provides tokens for such football clubs. Like bitcoin and other cryptocurrencies, fan tokens can be traded on exchanges.
Binance fan token list
Binance currently offers fan tokens for four sports clubs. Football clubs Lazio, Santos FC, FC Porto and also Alpine Formula 1 racing team. According to the latest data from CryptoSlam, these four fan tokens currently dominate the market cap rankings, with the top two gaining nearly 200% in the last 30 to 90 days.
We can say that fan tokens emerged as a result of the pandemic. Most sports team fans could not attend the matches played in empty stadiums. These matches also put the big football clubs in a difficult situation. Sales of Europe’s top 20 revenue generating clubs fell 12% to €8.2 billion ($9.9 billion) last year. As you follow on Kriptokoin.com, fan tokens that fill this gap continue to operate.
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